G7 Finance Ministers, Central Bank Governors reaffirm support for Ukraine in communiqué following summit

The G7 Finance Ministers and Central Bank Governors approved a communiqué after the summit in Canada, reiterating unwavering support for Ukraine and presenting joint commitments to facilitate its restoration.

The text of the communiqué was published on the website of the upcoming G7 summit of heads of state, which will take place in Canada on June 15-17 this year.

The G7 Finance Ministers and Central Bank Governors Summit was held on May 20-22, 2025 in Banff, Canada. The summit was also attended by the heads of the International Monetary Fund (IMF), the World Bank Group, the Organisation for Economic Co-operation and Development (OECD) and the Financial Stability Board (FSB). Ukrainian Finance Minister Serhiy Marchenko and the President of the Financial Action Task Force (FATF) attended part of the meetings.

The participants of the G7 financial summit devoted a significant part of the final joint statement to supporting Ukraine. Three points of the document are devoted to it:

"9. We condemn Russia's continued brutal war against Ukraine and commend the immense resilience from the Ukrainian people and economy. Ukraine has suffered significant destruction. The G7 remains committed to unwavering support for Ukraine in defending its territorial integrity and right to exist, and its freedom, sovereignty and independence toward a just and durable peace.

10. We welcome ongoing efforts to achieve a ceasefire. If such a ceasefire is not agreed, we will continue to explore all possible options, including options to maximize pressure such as further ramping up sanctions. We reaffirm that, consistent with our respective legal systems, Russia's sovereign assets in our jurisdictions will remain immobilized until Russia ends its aggression and pays for the damage it has caused to Ukraine.

11. We agree that private sector mobilization will be important in the recovery and reconstruction of Ukraine, with costs estimated by the WBG at US$524 billion over the next decade. We collectively commit to help build investor confidence through bilateral and multilateral initiatives. To this end, in addition to the ongoing support through the MIGA SURE (Support for Ukraine's Reconstruction and Economy) trust fund, we will work, including through the Ukraine Donor Platform, with the Government of Ukraine, international financial institutions (IFIs), and the insurance industry towards removing the blanket ban imposed on Ukraine as soon as possible. We will continue to coordinate support to promote the early recovery and reconstruction of Ukraine, including at the Ukraine Recovery Conference, which will take place in Rome on July 10-11, 2025.

Further, we agree to work together with Ukraine to ensure that no countries or entities, or entities from those countries that financed or supplied the Russian war machine will be eligible to profit from Ukraine's reconstruction."