G7 prepares new extensive sanctions against Russia: a blow to oil exports

The G7 countries are ready to impose new sanctions against the Russian economy. According to Bloomberg, their draft statement discusses limiting Russia's capabilities in its further war against Ukraine, in particular, measures are being considered to restrict oil exports, which are the main source of revenue for the Kremlin's budget.

The statement notes: 'We agreed on the need to act collectively to strengthen Ukraine's resilience and critically limit Russia's ability to wage war against it.'

Sanctions are planned against key sectors of the Russian economy, as well as financial support for Ukraine and the use of frozen assets of the Central Bank of Russia to assist the Ukrainian economy.