The G7 countries are close to reaching an agreement to significantly strengthen sanctions against Russia over its unwillingness to end the war against Ukraine.
This is stated in a draft statement that was made available to Bloomberg journalists.
“We are united in our understanding of the need to act together and believe that the time has come for a significant coordinated escalation of measures to strengthen Ukraine’s resilience and seriously undermine Russia’s ability to wage war against Ukraine,” the draft states.
G7 finance ministers are expected to speak today, and the statement could still change before it is finalized and signed by all seven countries.
The current draft states that the G7 is working on a number of options that include new measures on key sectors of the economy, such as energy, finance, and the military industry, as well as on countries and entities that support Moscowʼs war efforts and help it circumvent existing sanctions.
“We agreed that the time has come to maximize pressure on Russian oil exports, their main source of revenue,” the document said, adding that the G7 could impose sanctions on major Russian oil companies, as well as target Russia’s shadow tanker fleet and energy trade.
The draft statement also provides that the ministers will discuss Ukraineʼs financial needs, including coordinating ways to further use the frozen assets of the Russian Central Bank.
- On September 19, the EU proposed a new package of sanctions, which, among other things, provides for an accelerated phasing out of Russian liquefied natural gas by January 1, 2027.
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