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G7 Leaders to Strengthen Sanctions on Russian Oil, Gas

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The leaders of the Group of Seven countries will step up sanctions on Russian oil and gas, deeming such measures well-timed once the Strait of Hormuz reopens, according to a statement at the conclusion of their summit in Evian, France

The group welcomed the announcement of the deal and the fact that it offers "a historic opportunity" to prevent Iran from acquiring any nuclear weapon and said they stood ready to assist with implementation of peace measures.

In reference to the Strait of Hormuz, the leaders reaffirmed the right of transit passage without restrictions or tolls considering that "the bedrock of international trade".

The G7 agreed that the multinational, independent and defensive initiative by France and the UK can play an important role in facilitating resumption of maritime traffic through the strait, including through verification that all mines are removed.

Notably, the group said it commits to accelerating "the diversification of energy supply routes in order to reduce global vulnerability to the Strait of Hormuz and to increase our energy stocks".

It said it welcomes the potential for Canada to add hydrocarbons supply for global markets in the coming years.

The group will provide additional support to Ukraine to help it get through the next winter, with Russian attacks on its energy infrastructure in previous years leaving large chunks of its population temporarily without light or power.

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