"G7 Warns of Further Sanctions Against Russia if Ukraine Ceasefire Is Not Achieved"

"G7 Warns of Further Sanctions Against Russia if Ukraine Ceasefire Is Not Achieved"

[May 23, 2025] The finance ministers of the G7 nations have warned that they may impose further sanctions against Russia if it refuses to agree to a ceasefire in the war in Ukraine.

In a final statement issued Thursday night after a three-day summit held in the Canadian Rockies, the finance ministers said that if efforts to end Russia’s “continuing brutal war” in Ukraine fail, they would consider new measures to force Moscow to retreat.

“If there is no ceasefire, we will explore all possible options aimed at maximum pressure, including the tightening of existing sanctions,” the statement said.

The G7 group consists of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. They pledged to work together to ensure that no country funding the war profits from Ukraine’s reconstruction.

The statement also noted that Russian sovereign assets under G7 jurisdiction would remain frozen for as long as the war continues and until Russia compensates for the damage it has caused in Ukraine.

French Finance Minister Bruno Le Maire said at the concluding press conference, “I believe this sends a very clear message to the world—that the G7 is united in its goals and actions.”

However, the statement did not mention U.S. President Donald Trump’s tariff policies, which have disrupted global trade and supply chains and increased economic uncertainty.

Differences within the G7 over the Ukraine war have also become apparent. Trump has bypassed U.S. allies by initiating bilateral ceasefire talks with Moscow, and U.S. officials have reportedly accepted several of the Kremlin’s positions during those talks.

The current G7 statement uses softer language to describe the war compared to previous declarations. In the October statement—issued before Trump’s re-election—the war was described as an “illegal, unjustified, and unprovoked aggression.”

European Commission Executive Vice President Valdis Dombrovskis said that discussions were held on reducing the price cap on Russian oil exports from $60 to $50, as Russian crude is currently selling below the cap.

However, a European official told Reuters that the U.S. was “not interested,” so the proposal was not included in the final statement.

Just hours before the G7 meeting, the European Parliament approved tariffs on Russian fertilizers. According to the bill, the tariffs will take effect on July 1 and will rise from 6.5% to nearly 100% over three years, effectively halting Russia-EU trade in that sector.

"Still Not Finalized"

Despite a series of international sanctions on Russia for its aggression in Ukraine, diplomatic efforts to end the war have intensified. Recently, both sides have engaged in face-to-face talks.

However, Moscow appears to be slow in responding to ceasefire proposals, especially following the U.S. initiative to negotiate.

On Thursday, the Kremlin said that no new meeting for future discussions had been “finalized,” even though reports suggest the Vatican is ready to host such a meeting.

On Friday morning, Russia’s Defense Ministry reported that its air defense forces shot down 112 Ukrainian drones overnight, including 24 in the Moscow region.