G7 moves to cut Russia’s oil revenues

Finance ministers from the Group of Seven (G7) agreed to step up pressure on Russia, according to a joint statement published by the Canadian government.

The ministers pledged coordinated measures to meet Ukraine’s financial needs, including the use of frozen Russian assets under their jurisdictions. They also agreed to tighten restrictions on Russian oil exports, describing them as Moscow’s key revenue stream.

“We will act against those increasing purchases of Russian oil or enabling sanctions evasion,” the statement said.

Bloomberg reported that the draft document also envisions new sanctions on Russia’s energy, financial and defense sectors, as well as measures targeting states and entities supporting Moscow’s war effort.

Separately, the European Commission announced a €4 billion disbursement to Ukraine under its macro-financial assistance program, with €2 billion earmarked for drone production.