G7 Pledges to Strengthen Sanctions on Russia

The G7 finance ministers have pledged to intensify efforts to prevent Russia from circumventing sanctions related to its invasion of Ukraine, particularly focusing on violations of the oil price cap established in December 2022. Despite these measures, countries like China continue to import Russian crude oil above the agreed limit. The G7 aims to target Russia's 'shadow fleet' of unmarked tankers used to transport oil covertly, which have been sanctioned by the US and EU. Additionally, G7 ministers expressed intentions to prevent financial institutions from aiding in Russia's sanctions evasion through networks of foreign subsidiaries. They also announced a $50 billion loan to Ukraine, intended to be repaid through interest from seized Russian assets. The joint statement reflects a commitment to increase pressure on Russia's oil revenues and limit its access to global markets.