G7 pledges tougher sanctions on Russia’s oil and gas sector

The G7 countries have agreed to increase sanctions pressure on Russia’s oil and gas sector, the group said in a joint statement following its summit in France.

“To support and accelerate this new momentum, we agree to increase the delivery of air defence capacities, additional systems and interceptors, and long-range capabilities. We are also ready to consider extending to Ukraine the benefit of licenses to allow for an increase in Ukraine’s military production,” the statement read.

The leaders added that they were committed to increasing pressure on Russia’s war economy.

“In this context, we will strengthen our sanctions, including those on the oil and gas sectors. We consider this the right moment to proceed with additional measures, as President Trump has delivered a deal that we support in reopening the Strait of Hormuz,” the statement added.

By Jeyhun Aghazada