The G7 will maintain sanctions pressure on Russia to limit funding for the war, says French minister
G7 finance ministers reaffirmed their support for Ukraine and agreed to maintain sanctions pressure on Russia to limit its ability to generate revenue to fund the war.
This was stated by French Minister of Economy and Finance Roland Lescure at a press conference following the meeting of G7 finance ministers and central bank governors in Paris.
“As you know, a significant part of our work over the past four years has been dedicated to supporting Ukraine, and this remains just as relevant. During this presidency, we have committed to supporting Ukraine, and I would like to reiterate our unwavering support,” Lescure said.
According to him, this is precisely why it was important for the meeting participants to speak directly with the Ukrainian side—the government, the National Bank of Ukraine, and the Minister of Finance.
“We wanted to tell them that Russia will not be able to take advantage of the war in the Middle East. This is not an option, and all G7 members are united on this,” the minister emphasized.
Lescure also reaffirmed the commitment to maintain sanctions pressure on Russia.
“We support them; we support them in their reforms. Obviously, Ukraine must also play its part in these reforms. Ukraine has made commitments, and we have also committed to maintaining sanctions and continuing pressure on Russia to prevent that country from receiving the critical revenues that enable it to sustain its military efforts,” he elaborated.
Lescure also emphasized that against the backdrop of complex geopolitical events, economic imbalances, and interdependencies, multilateral cooperation remains a key tool for the G7.
“We are aware of our responsibility. This is a critical moment—geopolitical events are complex, there are major economic imbalances, and there are significant dependencies. That is precisely why multilateralism is not an option or an ideal, but our most powerful tool,” the minister said, emphasizing that “might does not make right.”
According to him, the meeting participants concluded their work with a joint commitment to move toward “a more balanced and fairer global economy for all” and pledged to maintain this momentum until the G7 Leaders’ Summit on June 15–17.
EU sanctions could hit Russia’s Arctic logistics.
The EU has expandedsanctions against Russia for the abduction of Ukrainian children.
A high-level meeting dedicated to the return of Ukrainian children deported by Russia will take place in Brussels on May 11. It will be jointly hosted by the European Union, Ukraine, and Canada. During the event, participants plan to discuss specific mechanisms for returning the children to Ukraine, as well as steps to hold Russia accountable.
Ukraine has managed to return two children who were left without parental care in Kazakhstan and found themselves in a foreign country. The brother and sister were evacuated from Almaty following a complex, multi-stage operation coordinated by Ukrainian authorities. The children are now safely at home.
