BANFF – Finance Minister François-Philippe Champagne said Tuesday that G7 finance leaders stand “shoulder to shoulder” with Ukraine.
Champagne told a news conference in Banff, Alta., standing next to Ukrainian counterpart Sergii Marchenko, that having the war-torn country represented at the summit of finance ministers this week sends the message that G7 countries will hold Russia to account.
Reconstruction efforts for Ukraine are expected to cost more than US$500 billion over a decade, added Champagne, and there’s a moral imperative to support the country.
“It sends a strong message to the world that we are, all of us, are recommitting to support Ukraine. We’re going to hold Russia to account and we’re also going to talk about what we’re going to be doing in terms of reconstruction.”
The G7 comprises Canada, the United States, France, Germany, Italy, Japan, the United Kingdom and the European Union.
Ukraine is not a member. But Champagne said he and Marchenko have met with pension funds and investors to look at next steps.
“There’s a moral imperative, for all of us, to support our Ukrainian friends in reconstruction. We’re going to stand shoulder to shoulder with our Ukrainian friend to make sure that we bring an end to this conflict and at the same time we look forward to the reconstruction.”
Marchenko said Ukraine is grateful for the ongoing support from Canada since the Russian invasion began in 2022.
“We are grateful for the Canadian government’s support for Ukraine during this very harsh year for Ukraine during the war,” Marchenko said.
“Ukraine’s war is not only about suffering of Ukraine’s people. We will be able to discuss all necessary and critical issues related to Ukraine construction.”
High-ranking officials from the world’s top economies are to be joined at the meeting by heads of the International Monetary Fund, World Bank and Organization for Economic Co-operation and Development.
Champagne and Bank of Canada governor Tiff Macklem are leading the meeting, scheduled for Wednesday and Thursday.
Support for Ukraine has been a central focus in recent years. In 2024 in Italy, leaders committed to keeping Russian assets frozen and redirecting them to provide financial support for Ukraine.
Also on the agenda this year are the global economy and artificial intelligence.
Much has changed with U.S. President Donald Trump’s re-election to the most powerful office in the world.
Since his January inauguration, Trump has threatened to withhold funding from Ukraine and forced it to sign a critical minerals agreement in exchange for continued support against Russia’s aggression.
He is also continuing his tariff-driven effort to bring industry to American soil, leading many countries to reconsider their trade relationships with the United States and other trading partners.
U.S. Treasury Secretary Scott Bessent is in Banff, said Champagne, and leaders are eager to meet with him.
The gathering is a precursor to the G7 leaders summit in Kananaskis, Alta., June 15 to 17.
This report by The Canadian Press was first published May 20, 2025.
