This is an important distinction. If you touch fire; you get burned. It’s not a punishment- it’s a consequence. We need to help children understand that actions have results.
Your child is seven- money has no meaning to him. Breaking something if his is not a consequence either. A consequence would be - his siblings not trusting him with their things or not sharing anymore; which again, he might not understand ( his age).
Did you address the matter with him? Did you discuss or ask what happened in school that led to the action?