G7 Countries Prepare Sanctions Package to Limit Russia’s Oil Revenues
The G7 countries are close to agreeing on a large-scale package of sanctions aimed at sharply limiting Russia’s oil revenues and strengthening Ukraine’s financial stability. This is reported by Bloomberg, citing a draft statement by G7 finance ministers.
According to sources, the final text may be changed before official signing. The G7 includes the US, Great Britain, France, Germany, Italy, Japan, and Canada.
The document emphasizes that the allies are ready to move to more decisive steps due to the Kremlin’s unwillingness to end the war. “We agree on the need to act together and believe that now is the time for a significant coordinated escalation of measures to strengthen Ukraine’s resilience and critically reduce Russia’s ability to wage war against Ukraine,” the draft statement says.
Sanctions Target Russian Oil Exports
The document emphasizes the need to hit the main source of Russian revenue – oil exports. “We agreed that now is the time to maximize pressure on Russian oil exports, which are their main source of revenue,” the statement says.
Among the options being considered by the G7 countries are sanctions against the shadow fleet of Russian oil tankers, additional restrictions in the financial sector, as well as measures against organizations and states that help Moscow circumvent existing sanctions.
EU Leaders Discuss Aid Package for Ukraine
Separately, EU leaders gathered in Denmark, where a plan is being considered to use frozen assets in Europe to provide Kyiv with a new aid package of 140 billion euros (164 billion dollars). In addition, the EU is preparing new sanctions, which include a ban on imports of Russian liquefied gas by 2027 and increased restrictions in the financial and energy sectors.
According to sources, both the EU and the G7 aim to finally agree on these decisions already in October.
Original Article: G7 prepares for new sanctions: the main blow is planned to be dealt to Russia’s oil revenues – Bloomberg — Unn