The G7 agrees on a new sanctions package against Russia, including energy exports

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The G7 countries agreed on Saturday to continue pressing sanctions on Russia, specifically in the context of Russia's revenues from energy trade.

The group’s statement, which was issued after the meeting of the heads of finance ministries and central banks of the Group of Seven, held in the city of Stresa in northern Italy, stated: “We agreed to continue the financial and economic sanctions that aim to reduce Russia’s sources of income and weaken its ability to continue the war against Ukraine, and these sanctions include Russian income.” of energy resources and their “mining” production capacity in this area.

The statement added: "The G7 countries also pledged to impose sanctions on individuals and organizations that help Russia obtain advanced materials, technology and equipment for the Russian defense industry."

The heads of finance ministries and central banks in the G7 pledged to "redouble efforts" to ensure that companies and financial institutions from the G7 countries are not involved in "evading sanctions" imposed on Russia.

It also threatened to take firm measures, including sanctions, against anyone who helps transport Russian oil or violates the price ceiling previously imposed on them.

After the start of the Russian special operation in Ukraine, the West increased sanctions pressure on Moscow, as some Western countries announced a freeze on Russian assets while many brands left the Russian market.

Putin described the policy of containing and weakening Russia as a long-term strategy for the West, noting that the sanctions dealt a serious blow to the entire global economy.

The Russian authorities adopted financial and economic measures towards foreign companies withdrawing from Russia, guaranteeing the rights of the Russian side and the workers in these companies.