Thu May 22 21:08:13 UTC 2025: **G7 Nations Vow to Tackle Global Economic Imbalances, Mull Further Russia Sanctions**

**CANADIAN ROCKIES** – Finance ministers and central bank governors from the Group of Seven (G7) nations concluded a meeting in the Canadian Rockies Thursday, pledging to address “excessive imbalances” in the global economy and hinting at potential increases in sanctions against Russia.

While the official communique did not directly name China, it emphasized the need to understand how “non-market policies and practices” undermine international economic security, a sentiment often directed at China’s state subsidies and export-focused economic model. The G7 also called for a comprehensive analysis of market concentration and international supply chain resilience.

“We agree on the importance of a level playing field and taking a broadly coordinated approach to address the harm caused by those who do not abide by the same rules and lack transparency,” the statement read.

Regarding Russia, the G7 condemned its “continued brutal war” in Ukraine, and indicated they would explore all possible options, including “further ramping up sanctions,” if efforts to achieve a ceasefire fail. Discussions included the possibility of lowering the G7-led $60-per-barrel price cap on Russian oil, although the US remains unconvinced, as Russian crude oil is currently selling below that price. Russian sovereign assets in G7 jurisdictions will remain frozen until Moscow ends the war and compensates Ukraine for the damage caused.

The G7 also addressed the surge in low-value international “de minimis” package shipments, recognizing the potential for these shipments to overwhelm customs and tax collection systems and be exploited for smuggling. The duty-free de minimis exemption, particularly the $800 threshold in the United States, has reportedly been utilized by Chinese e-commerce giants like Shein and Temu.

Earlier in the week, the US Treasury Secretary emphasized the need to rebalance the global economy to protect workers and companies from China’s “unfair practices,” a sentiment echoed in the final G7 communique.

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