The G7 countries are preparing to strengthen sanctions against Russia. This is stated in a joint statement by the finance ministers and central bank governors.
“Sanctions imposed on Russia have muted its capacity to wage its war against Ukraine, by creating delays in and increasing costs to its procurement efforts; further isolated its economy from the world and levied real costs on Russian individuals and companies
providing support to its war efforts We are also committed to obstructing Russia’s ability to evade or circumvent sanctions and acquire dual use goods for the battlefield also in cooperation with third countries. The Oil Price Cap has been successful in supporting stability in energy markets, while reducing Russia’s revenues. We welcome the Coalition efforts to ensure the Oil Price Cap measures are correctly implemented. We remain committed to taking further initiatives in response to oil price cap violations and to increasing the costs to Russia of using the shadow fleet to evade sanctions. We remain committed to constraining the Kremlin’s sources of revenue, including further action to target energy revenues and future extractive capabilities, building on the measures we have taken so far. We intend to intensify,” the ministers said.
The G7 includes the UK, Germany, Italy, Canada, France, Japan, and the US.
