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Finance ministers of the G7 countries have agreed to intensify pressure on Russian oil exports, which remain the main source of revenue for the Russian Federation.
This was stated in the communiqué adopted by the ministers on October 1.
The ministers emphasized that now is the time to maximize pressure on Russia’s oil exports.
“We will target those who continue to increase purchases of Russian oil after the invasion of Ukraine, as well as those who facilitate circumvention of restrictions,” the communiqué said.
They also added that they agreed on the importance of trade measures — including tariffs and bans on imports and exports — as part of their efforts to cut off Russian revenue streams.
“We will take concrete steps to significantly reduce, with a view to phasing out, our remaining imports from Russia, including hydrocarbons. We are also seriously considering trade measures and other restrictions against countries and entities that help finance Russia’s war effort, including petroleum products made from Russian oil,” the communiqué added.
According to the G7 ministers, these actions will increase pressure on Russia through coordinated economic and financial measures.
Earlier, media reported that the “Group of Seven” countries were moving closer to an agreement on “significant strengthening” of sanctions against Russia due to its refusal to end the full-scale war against Ukraine.
As a reminder, on September 19 the European Commission approved a proposal for a new, 19th EU sanctions package against Russia.
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