G7 Finance Ministers Unite Amidst Global Economic Turmoil

G7 finance ministers and central bank governors have successfully concluded a crucial meeting with a pledge to tackle "excessive imbalances" in the global economy. The discussions highlighted potential increases in sanctions on Russia, showcasing a united front amongst the democratic powers.

Despite prior differences, notably on U.S. tariffs and the legality of Russia's actions in Ukraine, the participants reached consensus after extensive talks. The final communique was softer on climate change and the Ukraine conflict but stressed the importance of collaboration on international economic security issues.

Significantly, the G7 statement called for improved international trade practices and addressed concerns about non-market policies. Although the communique didn't explicitly mention China, the references suggested criticism of its economic strategies. As the summit approaches, the world will be watching closely for further developments.

(With inputs from agencies.)