Finance ministers from the “Group of Seven” countries released a joint statement following an online meeting regarding their intention to take additional measures to strengthen economic pressure on the Russian Federation. The aim of these actions is to compel Russia to cease its aggression against Ukraine, which has been ongoing for several years.
This is reported by Kyiv24
Key Points of the G7 Statement
The document emphasizes that Russia’s destabilizing behavior, including violations of NATO airspace, increased attacks on civilians, and damage to government and diplomatic buildings in Ukraine, is absolutely unacceptable. The authors of the statement highlight the effectiveness of the sanctions already imposed, which have significantly impacted Russian budget revenues.
“Russia’s escalating actions, including violations of NATO airspace, increased attacks on civilians, and damage to government and diplomatic buildings in Ukraine, are unacceptable and undermine efforts to achieve peace,” the statement reads, with the authors noting that “our sanctions have reduced Russia’s revenues.”
The statement indicates that G7 countries will focus their actions on those who continue to purchase Russian oil after the onset of the full-scale invasion, as well as on those who facilitate the circumvention of sanctions. It discusses specific measures aimed at reducing, and eventually completely halting, residual imports from Russia, particularly hydrocarbon imports. Additional trade restrictions are also being considered for states and organizations that help finance Russia’s military machine, including regarding petroleum products made from Russian raw materials.
U.S. Position on Russian Oil Revenues
U.S. President Donald Trump has repeatedly emphasized the importance of reducing Russia’s oil export revenues. In his view, this could accelerate the end of the war against Ukraine. During a speech at the UN General Assembly session on September 23, Trump urged European countries to completely abandon the purchase of Russian energy resources.
Additionally, Trump expressed the United States’ readiness to implement a comprehensive package of strict tariffs aimed at quickly limiting the influx of funds into the Russian budget. The president noted that for maximum effect, European countries, which he stated are closer to the epicenter of events, should also join these measures.