G7 Vows Action on Global Economic Imbalances, Eyes Further Russia Sanctions

Finance ministers and central bank governors from the Group of Seven democracies gathered to tackle excessive imbalances in the global economy, with potential increases in sanctions on Russia under review. Meeting in the Canadian Rockies, the G7 representatives stressed a unified approach to combat non-market policies undermining international economic security.

Though China was not directly named, discussions frequently addressed the state subsidies and export-focused economic model attributed to it. The final communique emphasized the importance of evaluating market concentration and fortifying international supply chain resilience to ensure a level playing field.

The G7 expressed strong condemnation of Russia's continued aggression in Ukraine. They committed to exploring further sanctions, including possibly lowering the existing price cap on Russian oil. Talks also highlighted the exploitation of the duty-free de minimis exemption by Chinese e-commerce companies, posing challenges to customs systems.

(With inputs from agencies.)