Finance ministers and central bank governors from the Group of Seven (G7) have pledged to address excessive imbalances in the global economy and signaled they could tighten sanctions on Russia.
They said in a communiqué after a meeting in the Canadian Rockies that a common understanding of how anti-market policies and practices undermine international economic security was needed.
The document did not name China, but references from the United States and other G7 members to anti-market policies and practices often refer to China’s state subsidies and export-led economic model.
The final communiqué called for an analysis of market concentration and the resilience of international supply chains.
European Commission Executive Vice-President Valdis Dombrovskis said G7 ministers had discussed proposals for further sanctions on Russia in an attempt to end the war in Ukraine.
“Among the proposals is a reduction in the price cap for Russian oil from the current $60 per barrel set by the G7, given that Russian crude is now being sold below that level,” Dombrovskis said. No new price was mentioned.
The G7 meeting participants condemned what they called Russia’s “continued brutal war” against Ukraine and said that if efforts to achieve a ceasefire were not successful, they would explore all possible options, including further tightening of sanctions.
“Russian state assets in G7 jurisdictions will remain frozen until Moscow ends the war and pays for the damage it has caused to Ukraine,” the communique said.
