CHECK AGAINST DELIVERY

Hello everyone.

I am at the meeting of G7 Finance Ministers and Central Bank Governors held here in Stresa, Italy.

This meeting is an opportunity to advance discussions with Canada’s allies, to strengthen our shared supply chains, and to focus on economic growth that is shared by all.

One key item I will be discussing with my colleagues is about how the G7 can collaborate to make full use of frozen Russian central bank assets to pay for Ukraine’s recovery and reconstruction. Canada has been an early champion of, and continues to support, the proposal to utilize frozen Russian assets for the purpose of supporting Ukraine. 

At the beginning of the war, Canada and our allies took the unprecedented step of immobilizing close to US$280 billion in Russian sovereign assets, taking them out of Putin’s war chest.

Within the G7, all countries have agreed that Russian sovereign assets will remain immobilized until Russia pays for the damage it continues to inflict on Ukraine. 

Canada believes that now is the time to use these resources actively to support Ukraine in its brave fight, and it is Canada’s position that these assets can be redirected to benefit Ukraine. This includes the proposal to offer financial support to Ukraine now, backed by future interest that would be accrued on frozen Russian assets. Canada is willing and is prepared to deliver a portion of the financial support if there is an agreement to proceed with this proposal.

We have told our allies that we are prepared to do that and step up directly. Canada’s firm position has always been that Russia—the aggressor—must pay for the destruction it has caused. It cannot be the sole duty of the democracies to pay for Putin’s war of aggression. 

We remain committed to working with our allies to explore all possible measures to make full use of frozen Russian central bank assets to support the people of Ukraine.

Other topics I have been talking about with our partners and that we will continue to discuss include: 

• How we can work to deepen international partnerships as the world races to build our net-zero economies, including with respect to critical minerals and other key supply chains and bearing in mind Chinese oversupply;
• Advancing tax fairness and the implementation of the Two-Pillar multilateral tax reform; and 
• How we can make investments to increase productivity and innovation across our economies, including through Artificial Intelligence.

I would like to note that the Ukrainian Minister of Finance, Sergii Marchenko, is joining a part of our conversations, and I had an excellent discussion with him and the Ukrainian team this afternoon.

In addition to our multilateral meetings, I have had some very productive bilateral meetings here in Stresa with:

• Bruno Le Maire, France’s Minister of Finance;
• Kristalina Georgieva, the Managing Director of the IMF;
• As I mentioned, with Sergii Marchenko, Ukraine’s Minister of Finance; and
• with Mathias Cormann of the OECD.

I do want to take this opportunity to thank Italy’s Minister of Finance, Giancarlo Giorgetti, and the Italian team for the hard work they have done to make this meeting happen and for their hospitality. Canada has a very constructive relationship with Italy and we are looking forward to concluding the meeting tomorrow and to working with them to make the G7 Leaders meeting a success.

Of course we are collaborating with them particularly closely because next year Canada will have the presidency of the G7. Let me just say a nostri amici italiani, grazie mille. Thank you very much, and I am happy to answer your questions.