G7 leaders vow increased sanctions on Russia's oil, gas sectors

Leaders of the Group of Seven countries, gathered in France for their annual summit, released a joint statement early Wednesday saying they will strengthen sanctions on Russia, including on its oil and gas sectors.

They said it is “the right moment” to take additional measures against Russia, which is continuing its attacks on Ukraine, and expressed support for a deal U.S. President Donald Trump has struck with Iran that will reopen the Strait of Hormuz, a chokepoint for global oil shipments.

The statement was issued after Trump urged Russia to negotiate a peace deal.

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READ: G7 agrees new steps to curb Russian sanctions evasion

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The G7 leaders agreed to continue working together for a “just and lasting peace” in Ukraine, after hearing directly from Ukrainian President Volodymyr Zelenskyy on the country’s current situation, according to a Japanese official.

The consensus came despite increasingly strained ties between Trump and European powers over a range of issues, from trade and NATO to his push to take over Greenland and, most recently, the U.S.-Israeli war against Iran.

“Russia should make a deal. Russia has lost tremendous amounts of people, and so has Ukraine,” Trump told reporters after attending a session with the other G7 leaders in the French spa town near the Swiss border on the shores of Lake Geneva.

Trump said he will do whatever he can to end the conflict, suggesting the United States could end the temporary lifting of some sanctions on Russia, introduced to lower oil prices in the wake of the Iran war.

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“Soon we’ll be able to do that because the oil is now flowing,” he insisted, referring to the reopening of the strait, which is expected to begin gradually as early as Friday.

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Zelenskyy wrote on social media the focus of his meeting with the G7 leaders was “to strengthen air defense for Ukraine and advance diplomacy” as part of efforts “to make Russia end its war,” adding, “Peace is needed.”

Japanese Prime Minister Sanae Takaichi told her G7 counterparts and Zelenskyy that it is important to preserve the group’s unity to prod Russia to take “positive and concrete action quickly,” according to the official.

She was also quoted as saying that any attempts to “unilaterally change the status quo by force should not be tolerated,” while voicing concern about military cooperation between Russia and North Korea, and deepening military ties between Russia and China.

Amid heightened international attention on Iran, the exclusive session on Ukraine took place at a time when Kyiv has strengthened its position on the battlefield by working more closely with European countries than with the United States.

At the outset of a meeting with French President Emmanuel Macron a day earlier, Trump said he would ramp up efforts to end the fighting that began with Russia’s full-scale invasion of Ukraine in February 2022.

“Now that this is finished, we’re going to be focusing on that, see if we can get that one done,” Trump said at the time, speaking of the wars in Iran and Ukraine.

On Tuesday, the second day of the three-day summit, the situation in the Middle East and reform of international development partnerships were also high on the agenda.

In the joint statement, the leaders said they see “the breakthrough and the opportunity that currently exist” in the Middle East, adding that Iran can never obtain a nuclear weapon.

The document on geopolitical issues also stressed the importance of “a free and open Indo-Pacific based on the rule of law,” which they addressed during a working dinner on Monday night.

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“We reaffirm our opposition to any unilateral attempts to change the status quo, in particular by force or coercion, in the East and South China Seas and across the Taiwan Strait, which should only be resolved peacefully through dialogue,” it said, without naming China.

Moreover, they voiced “deep concern” about North Korea’s nuclear and ballistic missile programs, renewing their resolve to achieve the complete denuclearization of the country in line with U.N. Security Council resolutions.

In addition to Zelenskyy, France, which holds the G7 presidency this year, invited the leaders of some other countries outside the group, including Brazil, Egypt, India, Kenya and South Korea.

During a working lunch on the Middle East on Tuesday, the G7 leaders and their counterparts from Egypt, Qatar and the United Arab Emirates had detailed discussions about the nearly four-month Iran war and its fallout.

The leaders welcomed the preliminary U.S.-Iran deal to end the fighting and reopen the strait, and agreed to continue working toward peace and stability in the Middle East, according to the official.

Takaichi said it is crucial that free and safe navigation in the key shipping route be ensured and that a final agreement be reached as soon as possible between Washington and Tehran.

The leaders of the G7, which consists of Britain, Canada, France, Germany, Italy, Japan and the United States, as well as the European Union, then participated in a session on development finance reform with their outreach partners.

Recognizing that traditional official development assistance has increasingly proven insufficient to meet the needs of poorer countries, France has led the G7 in seeking to create more win-win partnerships.

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“We are united in reforming the development cooperation system and shaping mutually beneficial partnerships that take into account our strategic interests and those of our partners,” they said in a joint declaration, citing the need to promote more effective mobilization of private capital to finance long-term projects. /dl