Group of Seven leaders have united in slamming China over its "harmful" trade practices and dispatch of dual-use products to Russia for its war in Ukraine, just a day after unveiling a $50 billion loan to Kyiv to help it buy more weapons and rebuild critical infrastructure.

In a move likely to worsen the already strained ties between China and the U.S-led grouping, the world's wealthiest democracies used a joint communique issued late Friday to take aim at Beijing over a flurry of issues, including what they see as Chinese industrial overcapacity, nonmarket policies and its economic support of Russia.

A key element of the statement, issued during an annual summit in the resort village of Borgo Egnazia, Italy, was a pledge to act against companies, financial institutions and other entities in China and third countries that “materially support Russia’s war machine,” including those that facilitate Moscow’s “acquisition of items for its defense industrial base.”