Time to step up pressure on Russia's oil exports: G7

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.

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. "We are aligned on the need to act together and believe that now is the time for a significant coordinated escalation of measures to bolster Ukraine's resilience and critically impair Russia's ability to wage war against Ukraine," the draft says.

The current draft says the G7 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.


"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 draft statement suggests the ministers will also discuss Ukraine's financial needs, including coordinating ways to make further use of frozen Russian central bank assets.

EU Continues to Play Robin Hood
Separately, the European Union leaders are gathering momentum for a plan to provide Ukraine with ?140 billion ($164 billion) in loans from immobilised Russian central bank assets at a summit in Denmark. Backing for the long-standing proposal to leverage the assets has gained traction after the US under President Donald Trump halted its direct support for Ukraine, leaving Europe to shoulder the burden for the war-battered nation's financial needs.

"When Russia chooses to attack Europe, there is a large bill to pay," Danish Prime Minister Mette Frederiksen told reporters ahead of the meeting in Copenhagen Wednesday, as she backed a European Commission proposal to deploy the funds for Ukraine's military as well as reconstructions.

"But the intention is that the Russians will be the ones to pay," she said.