G7 finance ministers, led by Canada, are discussing fresh sanctions and tariffs on states accused of aiding Russia’s war in Ukraine.
OTTAWA: Finance ministers from the Group of Seven (G7) nations convened on Friday to discuss new sanctions and trade measures against countries alleged to be supporting Russia’s ongoing war in Ukraine.
The talks were chaired by Canadian Finance Minister François-Philippe Champagne, as Canada currently holds the G7 presidency. The meeting came just days after intensified Russian airstrikes on Ukraine and the reported violation of Polish airspace by Russian drones, events that underscored the urgency of the discussions.
According to a statement from the Canadian finance ministry, the ministers examined options including new tariffs and targeted sanctions designed to curb Moscow’s ability to sustain its war effort. Ottawa reaffirmed that the G7 remains “united in its resolve to increase pressure on Russia” while at the same time focusing on Ukraine’s long-term security and economic stability.
The G7—which includes Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States—has imposed multiple waves of sanctions on Russia since the war began, targeting energy revenues, financial institutions, and defence-related industries. Friday’s meeting marked a continuation of those efforts, with discussions centred on closing loopholes and addressing the role of third countries accused of facilitating Russia’s access to restricted goods and resources.
Officials stressed that additional coordinated action will be necessary to ensure that sanctions remain effective, while balancing the need to protect the global economy from wider disruptions. The Canadian ministry added that further details of the measures are expected in the coming weeks as discussions advance.
