We, the G7 Finance Ministers, held a virtual meeting on December 8, together with the Heads of the International Monetary Fund (IMF), World Bank Group (WBG), Organisation for Economic Co-operation and Development (OECD), and Financial Stability Board (FSB). We were also joined by Canada's Minister of Energy and Natural Resources and Finance Ministers and their representatives, from Australia, Chile, India, Mexico, and the Republic of Korea for parts of the meeting.
We welcomed the recent announcements at the G7 Energy and Environment Ministers' Meeting that seek to secure resilient supply chains for critical minerals. Stable and reliable supply chains are essential to drive economic growth and security, and we will continue to collaborate with international allies and industry partners to reduce single-source dependencies and strengthen our economic resilience. We look forward to further discussions on how we can create a high standards market that will secure our supply chains.
We agreed that the use of non-market policies and practices to disrupt critical minerals supply chains can have significant negative global macroeconomic consequences. They can increase price volatility and undermine global growth prospects and stability, competitiveness and national and economic security. We expressed deep concern with the application of export controls on critical mineral supply chains and committed to work together to diversify and derisk supply chains.
Reaffirming the G7's unwavering support for Ukraine in defending its territorial integrity and right to exist and its freedom, sovereignty and independence, we welcomed an update from the IMF on the situation in the country and the newly announced Staff Level Agreement. We will continue to work together to develop a wide range of financing options to support Ukraine, including potentially using the full value of the Russian Sovereign Assets, immobilized in our jurisdictions until reparations are paid for by Russia, to end the war and ensure a just and lasting peace in Ukraine. Our action will remain consistent with our respective legal frameworks. We will continue to support the Ukrainian authorities' commitment to implement reforms, notably addressing informality, tackling corruption, and improving governance including in the state-owned enterprise sector. Together with other partners, we stand ready to support a new IMF program. We also stand ready to amplify the pressure on Russia should peace talks fail. We agreed on the importance of maintaining Ukraine at the top of the G7 agenda under France's upcoming G7 presidency.
We agreed on the importance of strengthening G7 coordination with international partners and will continue to enhance our collective security and resilience.
