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9mo ago

G7 Finance Ministers Conclude Banff Summit Without Consensus on Joint Statement

Debates over U.S. tariffs, Ukraine support, and global economic stability highlight divisions among members.

Banff Avenue is pictured prior to the G7 Finance Ministers meeting in Banff, Alta., Tuesday, May 20, 2025.THE CANADIAN PRESS/Jeff McIntosh
Canadian Finance Minister François-Philippe Champagne (L), and Ukrainian Finance Minister Sergii Marchenko hold a press conference during the G7 Finance Ministers and Central Bank Governors' Meeting in Banff, Alberta, Canada on May 20, 2025. Top finance leaders from the G7 nations gather in Canada starting Tuesday, with concerns including war in Ukraine at the fore while the advanced economies grapple with fallout from US President Donald Trump's sweeping tariffs. (Photo by Cole Burston/ / AFP) (Photo by COLE BURSTON//AFP via Getty Images)
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G7 finance ministers and central bank governors pose for a group photo during the G7 finance ministers and central bank governors meeting in Banff, Alberta, Canada, May 21, 2025. REUTERS/Todd Korol

Overview

  • The G7 finance ministers' summit in Banff has ended without agreement on a joint communique, reflecting divisions over U.S. trade policies and language on Ukraine.
  • U.S. Treasury Secretary Scott Bessent, attending his first formal G7 meeting, faced criticism over President Trump's tariffs, which have strained relations with allies.
  • Ukrainian Finance Minister Serhii Marchenko participated in discussions, emphasizing the need for stronger sanctions on Russia and continued financial support for Ukraine.
  • Key topics included restoring global economic stability, addressing China's non-market practices, and exploring the implications of artificial intelligence and cybersecurity.
  • Delegates discussed the potential lowering of the $60-per-barrel price cap on Russian crude oil, but no consensus was reached on this or other sanctions measures.