Champagne says G7 finance ministers stand with Ukraine

Minister of Finance and National Revenue Francois-Philippe Champagne arrives for a meeting of the federal cabinet in West Block on Parliament Hill in Ottawa on Wednesday, May 14, 2025. THE CANADIAN PRESS/Justin Tang

Finance Minister François-Philippe Champagne says G7 finance leaders stand “shoulder to shoulder” with Ukraine.

Champagne has told a news conference in Banff, Alta., standing next to Ukrainian counterpart Sergii Marchenko, that having Ukraine at the summit of finance ministers sends the message that G7 countries will hold Russia to account.

Champagne says reconstruction efforts for Ukraine will cost more than US$500 billion over a decade and there’s a moral imperative to support the war-torn country.

Ukraine is not a member of the G7, but Champagne says he and Marchenko have met with pension funds and investors to look at next steps.

High-ranking officials from the world’s top economies are at a three-day meeting that is also set to cover the global economy and artificial intelligence.

Support for Ukraine has been a central focus in recent years and, in Italy last year, leaders committed to keeping Russian assets frozen and redirecting them to provide financial support for Ukraine.

This report by The Canadian Press was first published May 20, 2025.