The countries of the “Group of Seven” (G7) – the United States, the United Kingdom, France, Germany, Italy, Japan, and Canada – are nearing an agreement on a significant escalation of sanctions against the Russian Federation. The new restrictions aim to severely limit Russia’s ability to finance its war against Ukraine.
This is reported by Finway
Increasing pressure on the Russian economy
Among the key areas of the discussed sanctions are additional restrictions on the energy sector, financial system, and military-industrial complex of Russia. The G7 plans to impose sanctions on major oil and gas companies in the Russian Federation, as well as against their so-called “shadow” fleet, which is used to circumvent existing restrictions on energy exports.
The G7 is working on a number of options, including new sanctions against key economic sectors of Russia – energy, finance, and the military industry.
Coordination of assistance to Ukraine and EU actions
In addition to the sanctions policy, the G7 is also discussing further financial support for Ukraine, particularly the effective use of frozen assets of the Central Bank of Russia. Such coordination is intended to strengthen Ukraine’s financial stability amid ongoing aggression from the Russian Federation.
At the same time, the European Union is preparing to adopt the 19th package of sanctions against Russia in the coming weeks. The new restrictions will particularly concern trade in Russian energy resources – with a special focus on liquefied natural gas. Additionally, the restrictions will also target the financial sector of the Russian Federation.