G7 finance chiefs agree to step up pressure on Russia

This was stated in a joint declaration published on the website of the Canadian government, which holds the G7 presidency in 2025.

The statement noted that “Russia’s continued escalatory actions, including the violations of NATO airspace, increasing attacks on civilians, and damage to government and diplomatic buildings in Ukraine, are unacceptable and undermine efforts to broker peace.”

The G7 countries are “developing a wide range of options to address Ukraine’s financing needs and to ensure that Russia cannot wait it out.”

“We agreed that now is the time to maximize pressure on Russia’s oil exports, a major source of their revenue. We will target those who are continuing to increase their purchase of Russian oil since the invasion of Ukraine and those that are facilitating circumvention,” the statement said.

G7 ministers also promised to take concrete measures to significantly reduce imports from Russia, including hydrocarbons, and gradually phase them out.

“We are also giving serious consideration to trade measures and other restrictions on countries and entities that are helping finance Russia’s war efforts, including on refined products sourced from Russian oil,” the ministers concluded.

• At the end of September, European Commission President Ursula von der Leyen said the EU is stepping up economic pressure on Russia and preparing a new sanctions package, which will include strict restrictions on energy, financial services, and trade.