G7 Finance Ministers discuss increasing economic pressure on Russia

This was reported by Ukrinform, based on information from Canada’s Ministry of Finance

“Today [September 12], the Honourable François-Philippe Champagne, Minister of Finance and National Revenue, chaired a meeting of G7 Finance Ministers to discuss further measures to increase pressure on Russia to end its war against Ukraine,” the statement reads.

Canada, which currently holds the G7 presidency, reaffirmed its commitment to working closely with allies to strengthen pressure on Russia and support Ukraine’s long-term security and recovery.

“G7 Ministers agreed to accelerate discussions to further use immobilized Russian sovereign assets to fund Ukraine’s defence, and to explore other mechanisms that would allow further increasing financial support to Ukraine,” the ministry added.

As a reminder, earlier this month Canada, in coordination with the European Union and the United Kingdom, lowered the price cap on Russian oil by 12%.

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