Overview

• After a virtual meeting on October 1, G7 finance ministers agreed to take joint steps to intensify pressure on Russia and support Ukraine’s self‑defence.
• Ministers said it is time to maximize pressure on Russian oil exports by acting against buyers that expanded purchases and those enabling sanctions evasion.
• Draft options under consideration include sanctions on major Russian oil companies and on the shadow fleet of tankers moving sanctioned crude.
• The group pledged concrete moves to reduce remaining imports from Russia, including hydrocarbons, and is weighing trade restrictions on countries or entities that help finance Moscow’s war, including via refined products.
• Ministers will address Ukraine’s financing needs with coordination on potential use of frozen Russian central‑bank assets, as EU leaders in Denmark advance a plan to mobilize about €140 billion.