Finance ministers and central bank governors from the Group of Seven democracies agreed during a meeting in western Canada that Russia could face further sanctions if it resists a push toward a cease-fire in its war in Ukraine.
The G7 finance chiefs condemned Russia's "brutal war" in a communique on May 22 at the end of their meeting and said that if efforts to achieve a cease-fire failed, they would explore all possible options, including "further ramping up sanctions."
The communique also said Russia's sovereign assets held in G7 jurisdictions would remain frozen until Moscow ended the war and paid for the damage it has caused to Ukraine.
In addition, the ministers pledged to work together to ensure no countries or entities that financed or supplied the “Russian war machine” would be eligible to profit from the reconstruction of Ukraine.
"That's a very big statement," said Canadian Finance Minister Francois-Philippe Champagne, calling it a fundamental pillar of the communique, which did not name China or other countries accused of supplying critical components to Russia.
The ministers’ meeting in the Canadian Rocky Mountains sets the stage for a G7 summit in mid-June in a nearby mountain resort. US President Donald Trump will attend the summit, the White House confirmed on May 22.
Ukrainian Finance Minister Serhiy Marchenko attended the talks and urged the G7 to maintain pressure on Russia.
Ukrainian President Volodymyr Zelenskyy did not mention the G7 meeting in his evening video address but said Ukraine is ready to take the “fastest possible steps” to end the war.
“Ukraine’s interest is not to prolong the war, but to be prepared for any development. It is clear to the world that it is Russia’s fault the war is still ongoing,” he said. “We are doing all the necessary groundwork on our side. What’s needed is a reciprocal readiness from Russia -- and it’s not there now.”
Diplomatic efforts to end the conflict have accelerated and last week Russian and Ukrainian officials held their first face-to-face talks in more than three years.
But the Kremlin said on May 22 that new peace talks with Ukraine had "yet to be agreed," disputing reports the two nations would soon hold negotiations at the Vatican.
Trump spoke with Russian President Vladimir Putin on May 19 in a call he said was aimed at ending the "bloodbath," but neither the call nor the earlier direct talks resulted in Russia offering any concessions.
Putin this week made a surprise visit to Russia's Kursk region, saying after his return that Russian forces are working to establish a buffer zone along the country's border with Ukraine.
"Our forces are currently engaged in solving this task, hostile firing points are being actively suppressed, and the work is ongoing," Putin said on May 22.
It was Putin’s first visit since Russian troops pushed out Ukrainian troops who had been occupying parts of the region since launching an incursion last year that appeared to catch Russia off guard.
Kyiv rejected Putin’s buffer zone plan and criticized the statements as further proof that Russia has no interest in peace.
"These new aggressive claims clearly reject peace efforts and show that Putin has been and remains the only reason the killing continues," Ukrainian Foreign Minister Andriy Sybiha said on X.
Putin also issued instructions for a comprehensive reconstruction program to be worked out for the southern Russian regions affected by Ukrainian drone strikes and fires, including Kursk, Belgorod, and Bryansk.
