G7 Agrees to Intensify Sanctions on Russia's Energy, Military

G7 finance ministers agreed to intensify pressure on Russia by maximizing measures against its oil exports and targeting countries and entities that increase purchases or facilitate circumvention. They signaled a coordinated escalation across the energy, finance and military sectors and discussed possible sanctions on Russian oil majors, the shadow tanker fleet and refined-product trade. Trade tools such as tariffs and import/export bans were considered, though some members (notably Japan) cautioned against unilateral large tariff hikes. Ministers also discussed expanding financial support for Ukraine, including coordinated use of frozen Russian central-bank assets. The G7 reiterated an objective to phase out remaining hydrocarbon imports from Russia and said it will take the issue up in more detail when finance ministers meet in person in Washington in mid-October.