ISTANBUL

The Group of Seven (G7) finance ministers on Thursday pledged to step up coordinated economic pressure on Russia over its war in Ukraine, vowing new sanctions and trade measures targeting Moscow and those helping it circumvent restrictions.

In a joint statement issued after a virtual meeting on Oct. 1, the ministers condemned what they called Russia’s “continued brutal war” and “escalatory actions,” including violations of NATO airspace, intensified attacks on civilians, and damage to Ukrainian government and diplomatic buildings.

“Our actions to date, including continued support to the IMF program and the Extraordinary Revenue Acceleration (ERA) Loans, have supported Ukraine’s efforts to withstand Russia’s aggression, and our sanctions have reduced Russia’s revenues,” the statement said. 

The ministers said they were aligned on the need for a “significant coordinated escalation” of measures to both bolster Ukraine’s resilience and critically impair Russia’s ability to wage war.

The G7 said they are developing options to use “the full value of the RSAs (Russian Sovereign Assets) immobilized in our jurisdictions” in a coordinated manner to support Ukraine and to ensure Russia “cannot wait it out.”

The ministers agreed that now is the time to maximize pressure on Russia’s oil exports, its main source of revenue.

“We will target those who are continuing to increase their purchase of Russian oil since the invasion of Ukraine and those that are facilitating circumvention,” the statement read.

They also pledged to step up restrictive measures on key Russian economic sectors, including energy, finance, and the military-industrial base, as well as against enablers and profiteers.

The G7 underlined the importance of trade measures such as tariffs and import/export bans, committing to significantly reduce and ultimately phase out remaining imports from Russia, including hydrocarbons.

The statement added that serious consideration was being given to restrictions on countries and entities financing Russia’s war, including those buying refined products made from Russian oil.

“These actions will increase pressure on Russia through coordinated economic and financial measures. We will continue to work closely together and with international partners to ensure that our actions remain effective and aligned,” the G7 said.

The ministers announced they would reconvene at the upcoming IMF/World Bank Annual Meetings in Washington, DC on Oct. 15 to advance these efforts, including “significant trade and other measures on countries enabling Russia’s war effort.”