Overview

• The G7 communiqué emphasized unity in tackling global economic challenges, including non-market practices and trade imbalances, without explicitly naming China.
• Ministers discussed potential new sanctions on Russia, including lowering the oil price cap, and pledged to bar war-supporting entities from Ukraine’s reconstruction projects.
• Canada committed $4.8 million to a Financial Crime Call to Action and $20 million to expand the World Bank’s RISE Partnership for critical minerals supply chains.
• The group highlighted the need to monitor AI's potential risks to financial stability and addressed the exploitation of low-value shipments for smuggling and tax evasion.
• The outcomes set the stage for the G7 Leaders’ Summit in Kananaskis, where further economic and geopolitical strategies will be discussed.