G7 talks new sanctions and trade measures against Russia
G7 finance ministers discuss new sanctions against Russia (Illustrative photo: GettyImages)
G7 finance ministers have stepped up pressure on Russia: they are discussing the use of frozen assets and new sanctions, while Moscow promises retaliatory measures, according to the Canadian Ministry of Finance.
The finance ministers of the G7 countries agreed to accelerate discussions on the potential use of frozen Russian sovereign assets to support Ukraine.
During the meeting, representatives of the leading economies also discussed new options for sanctions and the introduction of trade tariffs. According to the Canadian side, which currently chairs the G7, the discussion concerned not only the future of confiscated funds but also measures against countries that, in the West’s view, are helping Russia continue the war.
The Russian Ministry of Foreign Affairs has repeatedly stated that freezing assets in Europe and other jurisdictions constitutes theft. Moscow emphasized that this concerns not only private accounts but also state reserves. Foreign Minister Sergey Lavrov noted that if assets are confiscated, Russia will respond.
The minister said that Moscow would respond to the confiscation of frozen Russian assets by the West.
According to sources, the G7 is considering several scenarios, including using profits from these assets to provide Ukraine with long-term financial assistance.
Additionally, there have been proposals to introduce further trade restrictions against countries that are alleged to indirectly support Russia’s military campaign.
Discussions are ongoing, but Western capitals note that the issue of using frozen assets is gaining increasing importance amid the protracted war.
The EU has extended its sanctions against Russia for another six months, removing one individual from the list. The European Council made the decision to prolong restrictive measures against those deemed responsible for undermining or threatening Ukraine’s territorial integrity, sovereignty, and independence, until March 15, 2026.
Japan introduced a new package of sanctions targeting Russia and companies cooperating with Moscow. The restrictions apply not only to Russian enterprises but also to organizations from other countries, including China, Türkiye, the UAE, as well as the Seychelles and the Marshall Islands.
