The G7 finance ministers and central bankers gathered in Banff, Canada, have voiced their unwavering support for Ukraine amid its ongoing conflict with Russia. This show of solidarity marks a significant collective response to the war, as top economic officials committed to providing necessary resources to help Ukraine bolster its economy and reconstruction efforts.

Despite some initial hesitation from U.S. representatives, the group firmly laid blame on Russia for the war and discussed the possibility of imposing tighter sanctions, particularly on Russian oil exports. Their joint communiqué emphasized the resilience of the Ukrainian people and their right to sovereignty, expressing condemnation for Russia's violent actions.

“If a cease-fire is not achieved soon, we are prepared to explore all options to increase pressure, including further sanctions,” they stated. This agreement caps a series of discussions that not only focused on Ukraine but also addressed broader economic risks, including the influence of China's overproduction.

Interestingly, the tone regarding Russia was somewhat muted compared to previous statements, reflecting a shift in diplomatic language over the past year, though the core message about Ukraine's independence and need for support remains clear.