The Group of Seven nations are closing in on an agreement to significantly increase sanctions on Russia over its reluctance to end the war against Ukraine, according to a draft statement seen by Bloomberg.
The G-7 leaders have been working tirelessly to find a solution that would put pressure on Russia‘s oil exports, which is a major source of revenue for the country. The current draft suggests that the group could move to sanction Russian oil majors and target its shadow fleet of oil tankers and energy trade.
Sanctions Targeting Russia’s Oil Exports
The statement highlights the need to “maximise pressure” on Russia‘s oil exports, which is a crucial aspect of the country’s economy. The G-7 nations are considering various options to achieve this goal, including new measures on key economic sectors such as energy, finance, and the military industry.
Targeting Nations and Entities Supporting Russia
The draft also emphasizes the importance of targeting nations and entities that are boosting Moscow’s war efforts and helping it get around existing sanctions. This could include countries or organizations that are providing financial support to Russia or facilitating its oil trade.
G-7 Leaders Working on Range of Options
According to the statement, the G-7 leaders are working on a range of options to increase pressure on Russia. These options include new measures on key economic sectors, as well as targeting nations and entities that are supporting Moscow’s war efforts. The group is committed to finding a solution that would effectively address the situation in Ukraine.
Original Article: G7 nations close to agreement on tougher sanctions against Russia — Caliber