According to British Prime Minister Keir Starmer, the upcoming sanctions are expected to aim at increasing pressure on Russia's economy and defense industry.
Mr. Starmer revealed that London and its G7 partners are finalizing new sanctions to tighten revenue from Russian energy and cut off Moscow's financial resources in the conflict with Ukraine.
The G7 group imposed a price cap of $60/barrel on Russian crude oil in December 2022. The above price is considered a condition for Russia to continue to access shipping and insurance services from the West.
However, this measure is gradually losing its effectiveness as global energy prices have fallen sharply.
The European Commission (EC) is currently proposing to lower the ceiling to $45/barrel, while Ukraine has called for further tightening at $30.
In the US, some senators are pushing for stronger measures, such as imposing higher tariffs on countries importing cheap oil from Russia. However, the possibility of approving these proposals is still open.
Previously, on June 16, Ukrainian President Volodymyr Zelensky and his allies expressed hope to persuade President Donald Trump to put pressure on Russia at the G7 Summit in Canada.
However, President Trump has expressed his opposition because the sanctions will cause great financial damage to the US. Mr. Trump said that removing Russia from the G7 was a mistake and complicated the situation.
In 2014, now-reported US President Barack Obama and world leaders decided to remove Russia from the group of major economies after Russia annexed Crimea.
