The finance chiefs of the Group of Seven (G7) nations announced on Wednesday that they will intensify efforts to curb Moscow’s energy revenues by targeting buyers and intermediaries helping Russia bypass existing sanctions.
In a joint statement issued after a virtual meeting, the ministers said they had agreed to take coordinated measures against entities expanding their purchases of Russian crude and those enabling circumvention of sanctions.
The G7 finance leaders also underlined the need for stronger trade-related steps, such as new tariffs, import restrictions, and export bans, to further reduce Russia’s income streams. These measures are aimed at tightening the financial squeeze on Moscow following its ongoing war in Ukraine.
The announcement reflects the bloc’s determination to close loopholes in the oil price cap mechanism and ensure that restrictions on Russian trade remain effective.
