A European official said on Thursday that the United States is "not convinced" about lowering the Group of Seven nations (G7) price cap on Russian crude oil.

Ukraine is forced to maintain military spending at a high level due to Russian aggression, which is creating a significant state budget deficit, Finance Minister Serhiy Marchenko said at a meeting of finance ministers and central bank governors of the G7 member countries,

German Finance Minister Lars Klingbeil expressed optimism that the Group of Seven could agree on a unified stance on Ukraine despite disagreements, especially with the U.S. New sanctions were announced by the EU and Britain.

Treasury Secretary Scott Bessent will meet his international counterparts at a G7 finance ministers meeting in Canada.

U.S. Treasury Secretary Scott Bessent and Canadian Finance Minister Francois-Philippe Champagne met on the sidelines of the G-7 as the two countries try to tamp down trade tensions that have roiled the bilateral relationship for months.

Finance ministers from the G7 are wrapping up their summit in Banff, Alta., with discussions including the global trade system roiled by US President Donald Trump's tariffs.

Finance ministers and central bank governors from the Group of Seven nations pledged to address "excessive imbalances" in the global economy, according to a draft communique on Thursday. The finance leaders,

G7 finance ministers and central bank governors meet in Banff, Canada, from Tuesday to Thursday this week. Click to read.