G7 Finance Ministers focus on choices to extend stress on Russia to finish its warfare in opposition to Ukraine

September 12, 2025 – Ottawa, ON

Today, the Honourable François-Philippe Champagne, Minister of Finance and National Revenue, chaired a gathering of G7 Finance Ministers to debate additional measures to extend stress on Russia to finish its warfare in opposition to Ukraine.

Russia’s more and more aggressive stance, together with current bombings in Ukraine and Wednesday’s violation of Polish airspace by Russian drones, and its unwillingness to conform to a ceasefire have prompted this G7 assembly. Canada, as a part of its G7 Presidency, stays dedicated to working carefully with G7 allies to extend stress on Russia and help Ukraine’s long-term safety and restoration.

The G7 is dedicated to cease Russia’s warfare machine and met right this moment to debate additional enhancing financial measures to cripple Russia’s capacity to fund its warfare. G7 Ministers agreed to speed up discussions to additional use immobilized Russian sovereign property to fund Ukraine’s defence, and to discover different mechanisms that might enable additional growing monetary help to Ukraine. This builds on their commitments made in Banff earlier this 12 months, together with supporting Ukraine’s restoration and guaranteeing that no nation, entity, or actor that financed or equipped Russia’s warfare effort can profit from Ukraine’s reconstruction.

Further constructing on current steps taken by Canada, the European Union, and the United Kingdom to decrease the value cap on Russian crude oil from US$60 to US$47.60 per barrel, G7 Ministers additionally mentioned a variety of potential financial measures to extend stress on Russia, together with additional sanctions and commerce measures, equivalent to tariffs, on these enabling Russia’s warfare effort.