The “Group of Seven” (G7) countries are in the final stages of agreeing on a significant expansion of sanctions against the Russian Federation in response to its ongoing military aggression against Ukraine. This is indicated by a draft statement in which G7 leaders emphasize the need to increase pressure on Moscow to strengthen Ukraine’s defense capabilities and limit Russia’s ability to finance the war.
This is reported by Kyiv24
G7 Plans to Strengthen Sanctions in the Energy Sector
The draft notes that G7 countries are considering new stringent measures targeting key sectors of the Russian economy, including energy, finance, and the military-industrial complex. Special attention is planned to be given to limiting the export of Russian oil, which is a primary source of revenue for the Kremlin. Among the possible measures are sanctions against leading Russian oil companies and the so-called “shadow fleet” of tankers that help circumvent existing restrictions.
“We agree on the necessity of acting together and believe that now is the time for a significant coordinated escalation of measures to strengthen Ukraine’s resilience and critically reduce Russia’s ability to wage war against Ukraine.”
Discussion on Frozen Assets and Support for Ukraine
The draft statement also mentions the intention of G7 finance ministers to consider the further use of frozen assets of the Central Bank of Russia to support Ukraine. The ministers plan to coordinate their actions regarding financial assistance and discuss the most effective ways to meet the needs of the Ukrainian economy.
According to sources, the final version of the statement may be altered before being officially signed by all participating countries, which include the USA, the UK, France, Germany, Italy, Japan, and Canada.
Meanwhile, the European Union is working on its own sanctions package, which includes a gradual phase-out of Russian gas by 2027. EU leaders are meeting in Denmark, where they are actively discussing a plan to use frozen Russian assets to provide Ukraine with financial assistance amounting to 140 billion euros.
It is expected that the G7 and the EU will agree on new sanctions packages in October of this year.