G7 finance ministers in Banff commit to backing beleaguered Ukraine in communique tough on Moscow
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'It talks about ramping up sanctions, not reducing them, so it's a one-way street . . . it replaces' illegal' invasion with the word 'brutal,' and brutal is pretty tough,' said Prof. John Kirton, director of the G7 Research Group at the University of Toronto.
'By saying 'unwavering support' for Ukraine is actually an important shift in Trump's position — Trump's instinct to give Putin the benefit of the doubt is clearly gone.'
Demanding war reparations from Russia among a G7 group with potential dissent from the U.S., he said, 'is a big deal.'
The group's commitment to holding onto Russian financial assets is notable, said Kirton, although it says nothing about transferring them to Ukraine.
The G7 ministers said the push for Ukraine's early reconstruction would continue at a meeting in Rome in July.
The communique noted there are external challenges facing the reconstruction of Ukraine while it remains under fire by its larger neighbour.
That could be overcome by working with international financial institutions 'and the insurance industry toward removing the blanket ban imposed on Ukraine as soon as possible,' it said.
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