G7 announces increased pressure on Russian oil importers - communique
Kyiv • UNN
G7 finance ministers agreed on October 1, 2025, to take joint measures to increase pressure on Russia and support Ukraine. They plan to limit Russian oil exports and gradually phase out hydrocarbon imports from Russia.
G7 countries have agreed to take joint measures to increase pressure on Russia to force it to stop its aggression against Ukraine. This is stated in the joint statement of the "Group of Seven", published on the website of the Canadian government, which chairs the G7 in 2025, reports UNN.
Details
"We, the G7 Finance Ministers, met virtually on October 1, 2025, and agreed to take joint measures to increase pressure on Russia to end its ongoing brutal war against Ukraine, and supported Ukraine in its ongoing self-defense efforts," the communiqué states.
G7 ministers emphasized that Russia's constant escalations, including violations of NATO airspace, increased attacks on civilians, and damage to government and diplomatic buildings in Ukraine, are unacceptable and undermine efforts for a peaceful settlement.
Our actions to date, including continued support for the IMF program and emergency loans to accelerate revenue inflows (ERA), have supported Ukraine's efforts to resist Russian aggression, and our sanctions have reduced Russia's revenues. We agree on the need to act together and believe that now is the time for a significant coordinated escalation of measures to strengthen Ukraine's resilience and critically reduce Russia's ability to wage war against Ukraine.
The statement reports that the G7 is developing a wide range of options for Ukraine's funding needs and to ensure that Russia cannot expect this. "Among other things, these measures include the use, in a coordinated manner, of the full value of the SDRs immobilized in our jurisdictions to end the war and ensure a just and lasting peace in Ukraine. Our actions will remain consistent with our respective legal frameworks," the text reads.
Each of us is taking bold steps to increase the economic costs of Russia's war efforts by imposing restrictive measures against key sectors and those supporting the Russian economy, such as energy, finance, the military-industrial base, special economic zones, and those who facilitate and speculate. This will cut off funding that supports Russia's military aggression and will have a powerful impact on those who violate these restrictive measures.
The "Group of Seven" agreed that now is the time to maximize pressure on Russian oil exports, their main source of revenue. They will focus on those who continue to increase their purchases of Russian oil after the invasion of Ukraine, and on those who facilitate circumvention.
The G7 also agreed on the importance of trade measures, including tariffs and import/export bans, in efforts to reduce Russian revenues. The G7 countries plan to take concrete measures to significantly reduce, with the aim of gradually phasing out, their remaining imports from Russia, particularly hydrocarbon imports.
In addition, they are seriously considering trade measures and other restrictions against countries and organizations that help finance Russia's military efforts, particularly regarding refined products derived 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 the effectiveness and consistency of our actions. We will reconvene at the upcoming IMF/World Bank Annual Meetings in Washington, D.C. on October 15, 2025, to further advance our efforts in these areas, including significant trade and other measures against countries that facilitate Russia's military efforts," the communiqué emphasized.
Recall
It was previously reported that the G7 countries are approaching an agreement on new sanctions aimed at sharply limiting Russia's oil revenues and strengthening Ukraine's financial stability.