The G7 finance ministers and central bank governors convened in Canada and committed to investigating international supply chain resilience while addressing global economic imbalances. The discussions included increasing sanctions against Russia in response to its war in Ukraine. Although China was not explicitly mentioned, the G7's critique of non-market policies and practices aligns with concerns about China's economic practices. A coordinated strategy was emphasized to combat these challenges and promote a level playing field in global trade, with an eye on the implications for Russia's oil pricing and economic sanctions.
The G7 pledged to address excessive imbalances in the global economy, emphasizing the need for resilience in international supply chains and potential sanctions on Russia.
The group acknowledged that non-market policies and practices, often linked to China, undermine international economic security and called for a unified global response.
G7 ministers discussed proposals for further sanctions against Russia, including potential adjustments to the $60-per-barrel price cap on Russian oil, reflecting ongoing geopolitical tensions.
The G7 condemned Russia's war in Ukraine, asserting that Russian sovereign assets would remain immobilized until the war ends and reparations are made.
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