The Japan Ministry of Finance published the communiqué from the G7 Finance Ministers and Central Bank Governors meeting, which reaffirmed continued financial, economic and sanctions support for Ukraine and set out a wider agenda on economic security, financial stability and development finance. The G7 committed to continue considering coordinated measures against key Russian sectors and third-country entities supporting the war effort, keep Russian sovereign assets immobilized until Russia ends the war and pays reparations, consistent with their respective legal systems and international law, continue implementing the Extraordinary Revenue Acceleration loan mechanism, and work on additional financing options for Ukraine. The communiqué also backs further support for Ukraine's energy system and efforts with the European Bank for Reconstruction and Development to mobilize at least EUR 500 million over the next few years for urgent repairs to the Chornobyl New Safe Confinement. On economic security and regulation, the communiqué commits the G7 to deepen cooperation on critical minerals supply chains, mobilize public and private finance with multilateral development banks, and identify financing solutions for critical raw materials projects. It also calls for stronger customs and control practices for cross-border e-commerce parcels, backs implementation of the OECD/G20 Inclusive Framework's Global Minimum Tax Side-by-Side Package and swift modernization of the OECD Arrangement on Officially Supported Export Credits, and reaffirms work led by the Financial Action Task Force and the Financial Stability Board on financial crime, virtual assets, non-bank financial intermediaries and private credit. The G7 further endorsed principles for development finance partnerships, called for stronger debt-treatment processes and debt-data sharing, and highlighted resilience work on extreme weather insurance gaps, cyber risk, quantum technologies, cross-border payments and artificial intelligence. Next steps include a June 10 event on financing critical raw materials projects, the Ukraine Recovery Conference in Gdansk on June 25 and 26, 2026, a G7 workshop on private credit in the second half of 2026, an OECD report by the end of 2026 on the Inclusive Framework's work on digital economy taxation, and a November update to the G7 artificial intelligence dashboard.
Ministry of Finance (Japan)2026-05-19
Japan Ministry of Finance publishes G7 communiqué pledging more pressure on Russia and new work on critical minerals and private credit
Japan’s Ministry of Finance published the G7 Finance Ministers and Central Bank Governors communiqué, reaffirming continued financial, economic and sanctions support for Ukraine, including immobilizing Russian sovereign assets, implementing the Extraordinary Revenue Acceleration loan mechanism and exploring further financing. The communiqué sets a wider agenda on economic security, tax and financial regulation, covering cooperation on critical minerals, cross-border e-commerce controls, implementation of the OECD/G20 Global Minimum Tax, and support for FATF and FSB work on financial crime, virtual assets, non-bank financial intermediaries and private credit, as well as development finance partnerships, sovereign debt processes and resilience initiatives on insurance gaps, cyber risk, quantum technologies, cross-border payments and AI.