G7, Including US, Reaffirms Support for Ukraine: "Additional Sanctions if Russia Rejects Ceasefire"

Joint Statement: "Unwavering Support for Ukraine's Territorial Integrity, Independence, Freedom, and Sovereignty"

Finance ministers and central bank governors of the Group of Seven (G7) gathered in Banff, Canada on the 21st (local time) to attend the ministerial meeting. Photo by AFP Yonhap News

The finance ministers of the Group of Seven (G7), including the United States, reaffirmed their unwavering support for Ukraine, which is at war with Russia. They also expressed their intention to increase the level of sanctions, including "further strengthening of additional sanctions," if Russia does not agree to a ceasefire.

According to the New Yorker, the Financial Times (FT), and other sources, G7 finance ministers and central bank governors issued a joint statement containing these points after a three-day ministerial meeting held in Banff, Canada, on the 22nd (local time).

During this meeting, the participants once again condemned Russia's invasion of Ukraine and pledged to provide resources to maintain and rebuild Ukraine's economy. They also discussed ways to further strengthen the price cap imposed on Russian oil exports.

In their joint statement, they declared, "We strongly condemn Russia's ongoing brutal war and pay tribute to the remarkable resilience of the Ukrainian people and economy." They emphasized, "The G7 pledges unwavering support for Ukraine's territorial integrity, independence, freedom, and sovereignty, and will work together for a just and sustainable peace."

They also suggested that additional sanctions could be imposed if Russia refuses a ceasefire. In the joint statement, the countries said, "We will continue to explore all possible options and consider ways to exert maximum pressure, including further strengthening sanctions."

However, the G7 refrained from directly mentioning the tariff issues of U.S. President Donald Trump, which have caused global trade friction, in the joint statement. So far, the only country granted specific tariff exemptions by the Trump administration is the United Kingdom.

The New Yorker noted, "The joint statement only included a general comment that 'the uncertainty in economic policy has eased somewhat from its peak and that cooperation will be pursued to reduce it.'" The FT also reported, "Given the turmoil in financial markets caused by Trump's 'reciprocal tariff measures' announced on April 2, the G7 statement is viewed as a relatively weak response."

Another major agenda item at this meeting was China's excess supply. The G7 countries are also said to have discussed the risks posed by China's excess industrial capacity, sanction policies, and the potential for a global economic slowdown.

Meanwhile, the White House announced that President Trump is scheduled to attend the G7 summit to be held from June 15 to 17. The main agenda items for the summit are expected to include measures to urge a ceasefire in response to the prolonged Russian invasion of Ukraine, additional sanctions against Russia, and global economic response strategies following the Trump administration's tariff policies.