G7 preparing to tighten sanctions pressure on Russia: Bloomberg reveals details
Illustrative photo: tougher sanctions will affect Russia’s economy and the countries that assist it in the war (Getty Images)
The Group of Seven is nearing a deal on a "significant increase" of anti-Russian sanctions over its refusal to end the war against Ukraine, Bloomberg reports.
The agency reviewed a draft statement expected to be released during the G7 finance ministers’ meeting. It noted that the key provisions could change before the document is signed by all member states.
"We are aligned on the need to act together and believe that now is the time for a significant coordinated escalation of measures to bolster Ukraine’s resilience and critically impair Russia’s ability to wage war against Ukraine," the draft says.
According to the current version of the document, the Group of Seven is working on several options, including new measures targeting key sectors of Russia’s economy, such as energy, finance, and the military industry. In addition, they are aimed at countries and organizations that help Moscow in the war and in circumventing existing sanctions.
"We agreed that now is the time to maximize pressure on Russia’s oil exports, a major source of their revenue,” the statement reads.
This points to the possibility of new sanctions against Russian oil giants, as well as the shadow fleet and energy trade.
The draft statement also envisions discussions among G7 finance ministers about Ukraine’s financial needs. This includes coordination on the further use of frozen assets belonging to the aggressor state.
The EU is working on a new sanctions package that would ban Russian liquefied natural gas by 2027. Additional restrictions on Russia’s energy and financial sectors are also planned.
Agency sources said that both the European Union and the G7 aim to finalize their sanctions packages this month.
Sanctions against Russia
Earlier, RBC-Ukraine reported that on September 20, Ukrainian leader Volodymyr Zelenskyy signed decrees introducing three new sanctions packages. They target Russia and its accomplices who assist the aggressor state and destabilize Moldova.
In addition, Ukraine has synchronized the sanctions introduced this year by Canada. These were imposed on 139 individuals and entities working for Russia’s war effort. Among them are relatives of Russian President Vladimir Putin.
Recently, Ukraine and European countries introduced new personal and sectoral sanctions against 35 individuals and entities linked to the state corporation Rosatom and Russia’s energy companies.
