G7 nations close to agreement on tougher sanctions against Russia

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.

“We agreed that now is the time to maximise pressure on Russia’s oil exports, a major source of their revenue,” the statement says.

It suggests that the G-7 could move to sanction Russian oil majors, and target its shadow fleet of oil tankers and energy trade.

The current draft says the G-7 are working on a range of options, which include new measures on key economic sectors such as energy, finance and the military industry as well as targeting nations and entities that are boosting Moscow’s war efforts and helping it get around existing sanctions.

By Khagan Isayev