G7 threatens Russia with additional sanctions
According to webangah News Agency,G7 finance ministers threatened further sanctions against Russia during their meeting near Canada’s Rocky Mountains,where foreign ministers had also gathered earlier this week. The economic leaders stated they would explore measures to force Moscow’s withdrawal should efforts to end what they called Ukraine’s “brutal war” fail.
The final communiqué released after three days of discussions declared: “Should such a ceasefire not be agreed upon, we will continue considering all possible options including… intensifying sanctions.”
the G7 – comprising Canada, France, Germany, Italy, Japan, the UK and US – also pledged coordinated action to prevent countries financing the war from profiting from Ukraine’s reconstruction process.
Canadian Finance Minister François-Philippe Champagne described these commitments as “a very crucial statement” and a cornerstone of the group’s agreement on Ukraine’s rebuilding. However, the statement avoided naming specific nations previously accused by Western powers of supplying arms to Russia.
The document confirmed Russian sovereign assets in G7 jurisdictions would remain frozen until Moscow ends hostilities and compensates Ukraine for damages. champagne told reporters: ”This sends a clear message… that the G7 remains united in purpose and action.”
Notably absent was any reference to former US President Donald Trump’s trade tariffs that disrupted global supply chains. the latest statement also softened its language compared with October 2023 pre-election declarations that had termed the conflict an “illegal, unjustified and unprovoked war of aggression.”
European Commission vice President Valdis Dombrovskis revealed ministers debated lowering Russia’s oil price cap from $60 to $50 per barrel given current market prices below this threshold. however, this proposal didn’t appear in the official text after reported US resistance.
Hours before the meeting concluded, the European Parliament approved tariffs on russian fertilizer imports set to take effect July 1st under EU legislation. These duties will gradually increase from 6.5% up through approximately 100% over three years before terminating trade entirely.
