Finance ministers and central bank governors from the Group of Seven democracies pledged on Thursday to address "excessive imbalances" in the global economy and said they could increase sanctions on Russia.

Finance ministers and central bank governors from the Group of Seven nations pledged to address “excessive imbalances” in the global economy, an effort clearly aimed at China, though the final communique omitted the name of the country.

While not naming China explicitly, the G7 nations have vowed to work “united” to counter global economic balances.