G-7 to ‘maximise pressure’ on Russia if it resists Ukraine ceasefire
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Bank of Canada governor Tiff Macklem (left) and Canadian Finance Minister Francois-Philippe Champagne leaving a press conference at the G-7 meeting in Banff on May 22.
PHOTO: REUTERS
BANFF, Canada - Group of 7 finance ministers agreed on May 22 to “maximise pressure” on Russia, including through further sanctions, if it resists efforts towards a ceasefire in Ukraine.
“If such a ceasefire is not agreed, we will continue to explore all possible options, including options to maximise pressure such as further ramping up sanctions,” a final communique, following the group’s meeting in Canada, said.
Diplomatic efforts to end the conflict have stepped up in recent weeks, with Russian and Ukrainian officials holding their first face-to-face talks in more than three years last week in Istanbul.
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.
US President Donald Trump spoke with Russian counterpart Vladimir Putin on May 19 in a call aimed at ending the “bloodbath”, but neither his contact nor the earlier talks in Istanbul resulted in Russia offering any concessions.
The communique from the G-7 group of advanced economies condemned “Russia’s continued brutal war against Ukraine” and said any entity that supported Russia during the conflict would be barred from Ukrainian reconstruction contracts.
“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,” it said. AFP
