Today, the Honourable François-Philippe Champagne, Minister of Finance and National Revenue, chaired a virtual meeting during which G7 Finance Ministers agreed to bolster coordinated measures to increase pressure on Russia to end its brutal war of aggression and support Ukraine in its ongoing efforts to defend itself.
The Ministers emphasized their continued support for Ukraine and the urgent need for a united and coordinated approach to maximize the impact of G7 measures against Russia.
The Ministers committed to developing a wide range of options to stop Russia's war machine and address Ukraine's financing needs that are consistent with existing legal frameworks, including:
- leveraging the full value of the immobilized Russian sovereign assets;
- imposing rigorous new restrictive measures on key sectors and supporters of the Russian economy;
- implementing trade measures, such as tariffs, to reduce Russian revenues; and
- maximizing pressure on Russia's oil exports by targeting those increasing their purchases since the invasion, as well as those facilitating circumvention.
The Ministers reiterated that Russia's persistent escalatory actions, including multiple violations of NATO airspace and increasing attacks on civilians in Ukraine, are unacceptable and undermine efforts to broker peace.
While actions taken to date have had a significant impact on Russian revenues, the additional measures announced today will further impair Russia's ability to sustain its war against Ukraine.
All Ministers committed to working in close coordination and with international partners to ensure their actions remain both effective and fully aligned. They agreed to reconvene to further advance efforts in these areas, including significant trade and other measures on countries enabling Russia's war effort, at the upcoming International Monetary Fund/World Bank Annual Meetings in Washington, D.C., later this month.
