G7 warns Russia of tougher sanctions if it blocks Ukraine ceasefire

Group of Seven finance ministers agreed on Thursday to “maximize pressure” on Russia, including by expanding sanctions, if Moscow refuses efforts to reach a ceasefire in Ukraine, according to their final communiqué.

“If such a ceasefire is not agreed, we will continue to explore all possible options, including options to maximize pressure such as further ramping up sanctions,” the statement said. 
 

The ministers condemned “Russia’s continued brutal war against Ukraine” and said any country or company that had supported Moscow during the conflict would be barred from contracts to rebuild Ukraine. 
 

“We agree to work together with Ukraine to ensure that no countries or entities, or entities from those countries that financed or supplied the Russian war machine will be eligible to profit from Ukraine’s reconstruction,” the communiqué added.