At a meeting in Canada, G7 finance ministers discussed further measures to increase pressure on Russia to end its war against Ukraine. In particular, they agreed to accelerate discussions on the further use of frozen Russian assets.

Source : European Pravda, citing a statement by the Canadian Department of Finance, which chairs the G7

Details : It is reported that the reason for this G7 meeting was Russia's increasingly aggressive stance, including recent bombings in Ukraine and violations of Polish airspace by Russian drones on Wednesday, as well as its unwillingness to agree to a ceasefire.

"The G7 is committed to stop Russia’s war machine and met today to discuss further enhancing economic measures to cripple Russia’s ability to fund its war," the statement said.

The ministers agreed to accelerate discussions on the further use of frozen Russian assets to finance Ukraine's defence, as well as to explore other mechanisms that would allow for even greater financial support for Ukraine.

"Further building on recent steps taken by Canada, the European Union, and the United Kingdom to lower the price cap on Russian crude oil from US$60 to US$47.60 per barrel, G7 Ministers also discussed a wide range of possible economic measures to increase pressure on Russia, including further sanctions and trade measures, such as tariffs, on those enabling Russia’s war effort," the statement also said.

Background :

• Earlier, the US said that European countries should stop buying Russian oil and gas if they want Washington to tighten sanctions against Moscow.
• US Treasury Secretary Scott Bessent said on 7 September that the US is ready to increase pressure on Russia if Europe does the same.

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