Overview
- Canada’s Finance Minister François-Philippe Champagne chaired the December 8 virtual session, which centered on critical minerals and the risks from export controls.
- Ministers reviewed progress under the G7 Critical Minerals Action Plan adopted in June, targeting transparency, diversification, security and sustainable mining practices.
- The group flagged non‑market policies, including export restrictions, as drivers of price volatility and broader macroeconomic risks to growth and stability.
- Canada invited Australia, Chile, India, Mexico and the Republic of Korea to participate, with IMF, OECD, World Bank and Financial Stability Board leaders also taking part.
- Ministers reaffirmed support for Ukraine, welcomed a new IMF staff‑level agreement, and discussed developing financing options that could include immobilized Russian sovereign assets in line with legal frameworks as France prepares to assume the G7 presidency.