US stops more robust G7 sanctions wording on Russia
(MENAFN) U.S. Treasury Secretary Scott Bessent reportedly blocked a proposal to include stronger language on reducing the price cap for Russian oil in the joint statement from last week’s G7 finance ministers meeting, the Financial Times reported, citing informed sources.
The meeting, held in Banff, Canada, saw Canada—this year’s G7 chair—push for more explicit commitments to tighten restrictions on Russian oil exports. This proposal was supported by France, Germany, Italy, the UK, and the EU. However, the initiative was ultimately removed from the final communiqué at Washington’s request, according to the FT.
Instead, the G7 statement vaguely committed to “explore all possible options,” including increasing pressure through sanctions, if no progress is made toward a ceasefire in Ukraine.
Meanwhile, the EU is preparing its 18th round of sanctions against Russia, which includes a proposal to lower the existing $60-per-barrel oil price cap to $45. Any such adjustment would require unanimous support among EU members and coordination with G7 allies.
The New York Times recently reported that President Donald Trump is hesitant to impose additional sanctions on Moscow. Following a phone call with Russian President Vladimir Putin, Trump has reportedly expressed doubts about continuing with the Ukraine peace process, citing a lack of progress. According to Axios, Trump told European leaders he believes Putin is open to negotiations and that diplomacy remains viable.
While Kiev and its allies have called for new sanctions after Moscow rejected a 30-day ceasefire proposal, Russian officials view the demand as a tactic to gain a military edge. Russia is said to be drafting its own peace framework.
Moscow has consistently criticized Western sanctions as ineffective and unlawful. After the announcement of the EU’s 17th sanctions package, Russia’s defense corporation Rostec described the bloc as “a champion of meaningless measures.”
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