The "Big Seven" (G7) have agreed to "significantly strengthen" sanctions against Russia for its unwillingness to stop the war, APA reports, citing Bloomberg.
The agency reports that the statement, which is planned to be released during the meeting of G7 finance ministers, says that "it is time to significantly strengthen coordinated measures to support Ukraine's stability and seriously weaken Russia's ability to wage war."
According to this document, the G7 is working on new measures against key sectors of the Russian economy, such as energy, finance and the military industry. In addition, they plan to take measures against countries and organizations that help Moscow in the war and evade existing sanctions.
"We agreed that now is the time to increase the pressure on oil exports, Russia's main source of income, as much as possible," the statement said.
This suggests that new sanctions may be imposed on major Russian oil companies, as well as on the "shadow fleet" and the trade in energy carriers.
The draft statement envisages the G7 finance ministers discussing Ukraine's financial needs, as well as coordinating measures for the future use of frozen Russian assets.
It is noted that the European Union is preparing a new sanctions package that includes a ban on Russian liquefied gas until 2027. Additional restrictions will also be imposed on Russia's energy and financial sectors.
The agency's sources said that both the European Union and the G7 plan to complete the preparation of sanctions packages this month.
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