Canadian Finance Minister François-Philippe Champagne confirmed that the G7 finance ministers stand “shoulder to shoulder” with Ukraine, emphasizing the group's commitment to hold Russia accountable for its invasion. Champagne's remarks came during a press conference held in Banff, Alberta, where Canada is hosting a meeting of the G7 finance ministers.

Champagne noted that the reconstruction of Ukraine will require more than $500 billion over the next decade, stressing the “moral duty” to support Ukraine in these efforts. He also announced discussions with his Ukrainian counterpart, Serhiy Marchenko, about the possibility of Canada helping to build a retirement system similar to the Canadian system in Ukraine. He mentioned meetings with Canadian pension funds and investors to explore ways to support reconstruction.

These remarks come at a time when the meeting is experiencing trade tensions, particularly after U.S. President Donald Trump imposed new tariffs that affected several G7 countries, including Canada. Despite these challenges, Champagne emphasized the importance of joint cooperation to address global economic issues, such as non-market economic practices and financial crimes.

The meetings in Banff are expected to continue until Thursday, leading up to the G7 leaders' summit scheduled to take place in Kananaskis, Alberta, from June 15 to 17, 2025.