Treasurers for the group of seven countries threatened that if they disagree with a ceasefire in the war with Ukraine, they could impose further sanctions on Russia.
Foreign ministers also concluded the G7 meeting in the Rocky Mountains in Canada, which they had convened this week, and said on Thursday night, the group would consider how Moscow could be retreated if efforts to end Russia’s “continuous brutal war” in Ukraine fail.
“If such a ceasefire is not agreed, we will continue to explore all possible options, including options to maximize pressure, such as further strengthening sanctions.”
The G7, consisting of Canada, France, Germany, Italy, Japan, the UK and the US, has also committed to working together to ensure that the countries that funded the war are not entitled to the benefit of Kiev’s reconstruction.
Canadian Finance Minister François Philippe Champagne said the point is a “very big statement” and that he calls it an important pillar.
However, the group has moved away from naming countries, including China, which the West had previously accused of supplying arms to Russia.
The Communique added that Russia’s sovereign assets in the G7 jurisdiction will continue to be blocked until Moscow ends the war and pays reparations to Ukraine for the damages caused to the country.
“Clear signal?”
“I think it will send a very clear signal to the world that the G7 is combined in purpose and action,” Champagne told a final press conference.
However, the statement omitted mentions President Donald Trump’s tariffs, which have disrupt global trade and supply chains and inflated economic uncertainty.
The differences were also clear in Russia’s approach to war in Ukraine.
Trump has made US allies uneasy by watching them bystanding them to launch a bilateral ceasefire talk with Moscow, where US officials employ many of the Kremlin stories about the conflict.
In the statement, the war explanation was watered down from the October G7 statement issued before Trump’s reelection, and was called “an illegal, unjust, unprovoked war of attacks against Ukraine.”
Customs
According to Vice President of the European Commission, Bardis Dombrovsky, the minister discussed the proposal to lower the barrel price cap of $60 to $50 for Russian oil exports, as Russian crude oil was below that level.
However, the G7 Communique did not present a plan because the US is “not sure” about lowering its price cap, an unknown European official told Reuters.
Hours before the G7 meeting, the European Parliament also had green tariffs on Russian fertilizer imports.
According to the European Union bill, duties will be enacted from July 1, gradually increasing over three years, increasing from 6.5% to about 100%, and will halt trade.
“Not agreed yet”
Diplomatic efforts to end the war have increased after the two held their first face-to-face meeting last week as international entities continue to sanction Russia for invasions of Ukraine.
However, Moscow appears to be set to remain stagnant since the US launched a push to mediate a ceasefire.
The Kremlin said on Thursday that the new talk “has not been agreed yet” after reporting that the Vatican is ready to hold future meetings to discuss the ceasefire.
Still, Russia and Ukraine are trading attacks.
On Friday morning, the Russian Ministry of Defense said its air defense system overnight in the Moscow region, including 24.
A day ago, Russia said it had fired an Iskander M missile in parts of Pokrov city in the Dnipropetrovsk region of Ukraine.
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