Ottawa: Finance ministers and central bank governors from the G7 nations have committed to tackling global economic imbalances and signaled a possible tightening of sanctions against Russia.
Meeting in Canada’s Rocky Mountains, the officials agreed on the importance of a fair and transparent global economic system and expressed concerns over non-market policies that distort competition—often a veiled reference to China’s state-driven economic model.
Although the group’s final communique did not explicitly name China, it highlighted the need for a unified response to economic practices that undermine international rules. The G7 emphasized a desire for stronger global supply chains and fairer markets, pledging to analyze market concentration and increase resilience.
“We recognize the need for a level playing field and coordinated responses to those who ignore international norms,” the communique stated.
On Russia, the G7 condemned what it claimed as the Kremlin’s ongoing aggression in Ukraine. Ministers discussed potential measures to tighten sanctions, including the possibility of reducing the $60-a-barrel price cap on Russian oil. However, disagreement remains, with the United States reportedly reluctant to support a lower cap, especially as current prices for Russian crude already fall below that threshold.
The bloc reaffirmed its stance that Russian sovereign assets held in G7 countries would remain frozen until Moscow ends its war in Ukraine and compensates Kyiv for the destruction caused.
Additionally, the communique raised alarms about a surge in low-value package shipments—often under the $800 de minimis threshold—that complicate customs enforcement and have been linked to illicit trade. Officials warned that platforms such as Shein and Temu, which benefit from these exemptions, are contributing to tax avoidance and regulatory loopholes.
The meeting concluded with a call for collective action to protect global economic stability and enforce shared rules, particularly in the face of growing geopolitical and commercial pressures.
