G7 Reaffirms Support for Ukraine, Flags Mineral Supply Risks
New Delhi: December 9, 2025: The G7 Finance Ministers met virtually on December 8 and were joined by the heads of the International Monetary Fund (IMF), World Bank Group (WBG), Organisation for Economic Co-operation and Development (OECD), and Financial Stability Board (FSB). Representatives from Australia, Chile, India, Mexico, and the Republic of Korea joined certain parts of the meeting, in addition to Canada's Minister of Energy and Natural Resources.
This is in line with the emphasis placed by the recent G7 Energy and Environment Ministers' Meeting on strengthening resilient and high-standard supply chains for critical minerals. They further emphasized that a stable and diversified supply of minerals is crucial for global economic security and sustainable growth. G7 ministers underlined their commitment to international cooperation with allies and industry partners to reduce dependence on supplies from any single source and to increase economic resilience.
The joint statement expressed deep concern over the use of non-market policies and practices and the imposition of export controls that disrupt global critical mineral supply chains. They also warned that such actions can lead to price volatility, undermine economic competitiveness, and result in national and global security vulnerabilities. The ministers agreed to do more to diversify and de-risk critical mineral supply networks.
Reiterating the unwavering support of the G7 to Ukraine, the ministers received an update by the IMF regarding the economic situation in Ukraine and on the recent Staff-Level Agreement. They pledged their support for collaborative efforts toward developing financing options for Ukraine, including exploring pathways to utilize the full value of immobilized Russian sovereign assets consistent with domestic legal frameworks to support Ukraine’s defense and recovery.
The ministers stressed that Ukraine should further pursue reforms aimed at strengthening governance, fighting corruption, reducing informality, and enhancing the performance of state-owned enterprises. They reiterated readiness—alongside global partners—to support a potential new IMF program for Ukraine, and warned of increased pressure on Russia should peace talks fail. The G7 ministers underlined the necessity of keeping Ukraine high on the agenda during the upcoming French G7 Presidency and called for further strengthening of coordination with international partners toward better global economic security and resilience.