Bloomberg: G7 close to agreement on joint strengthening of sanctions against Russia

The G7 countries are close to agreeing on a significant strengthening of sanctions against Russia due to its unwillingness to end its war against Ukraine.

As reported by Bloomberg, the G7 finance ministers are expected to issue a joint statement on Wednesday, which will, in particular, address further pressure on Russia and support for Ukraine.

"We are aligned on the need to act together and believe that now is the time for a significant coordinated escalation of measures to bolster Ukraine's resilience and critically impair Russia's ability to wage war against Ukraine," Bloomberg quotes the draft statement as saying.

It also states that the G7 is working on a number of options, including new measures targeting key sectors of the Russian economy, such as energy, finance and the military industry.

It also mentions the possibility of tightening restrictions against countries and organisations that contribute to Moscow's military efforts and help it circumvent existing sanctions.

"We agreed that now is the time to maximise pressure on Russia's oil exports, a major source of their revenue," the draft statement quoted by Bloomberg said.

It also provides for G7 ministers to discuss Ukraine's financial needs, including coordination on how to further use the frozen assets of Russia's central bank.

According to Bloomberg sources, the statement may still change before it is finally approved and signed by all seven G7 countries.

On 19 September, the European Commission approved a proposal for a new, 19th package of EU sanctions against Russia.