G7 finance chiefs will meet on Thursday to discuss measures to pressure Moscow to end the war.
G7 finance chiefs will meet on Thursday to discuss ways to pressure Russia to end its war in Ukraine, Japanese Finance Minister Shunichi Suzuki said.
Japan will chair the meeting of G7 finance ministers and central bank governors in Bengaluru, India. The meeting will take place almost a year after Russia invaded Ukraine in what it called a “special military operation”.
The war rages on despite a series of punitive measures against Russia by the G7 and others.
“Support to Ukraine and sanctions against Russia will be the main topics of discussion,” Suzuki said at a press conference. “We will continue to coordinate closely with the G7 and the international community to strengthen the impact of sanctions to achieve the ultimate goal of forcing Russia out.”
Japan is chairing the G7 ministerial meetings this year ahead of the May 19-21 G7 leaders’ summit in Hiroshima, Japan. The G7 includes Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.
The G7 meeting will be followed later in the week by a broader gathering of G20 financial leaders from the world’s major economies, hosted by India, which holds the G20 presidency, in Bengaluru.
It is expected that the Ukrainian war and the world economy will be the focus of the G20 negotiations.
The panel will discuss inflation, which has increased due to Russia’s war, energy and food prices, and support for emerging market economies facing debt problems. Failure to address emerging market debt could lead to a financial crisis, a senior Japanese official said earlier.
“By facilitating discussions around these issues, we hope to achieve significant results that will lead to sustained and sustainable global growth,” Suzuki said.