G7 sanctions on Russia Ukraine ceasefire: Finance ministers from the Group of Seven (G7) have signaled their readiness to tighten economic sanctions on Russia should it continue its military campaign in Ukraine and refuse to negotiate a ceasefire. Concluding their summit in the scenic Canadian Rockies, the G7 finance chiefs issued a joint communiqué on Thursday evening, asserting that without tangible steps from Moscow toward ending the conflict, the group would consider additional punitive measures.
A Fractured Front
Canadian Finance Minister François-Philippe Champagne hailed the statement as “a powerful message of unity,” emphasizing the G7’s resolve. “It shows we are aligned in principle and practice,” he told reporters. Still, fractures within the alliance emerged, particularly over how best to deal with Russia. The communiqué dropped earlier characterizations of the war as “illegal and unprovoked,” and did not address contentious US trade policies, including tariffs introduced by President Donald Trump that have unsettled global markets and strained diplomatic ties.
Energy Sanctions and Divergences
Sanctions on Russian energy exports were another point of discussion. European Commission Vice President Valdis Dombrovskis revealed that ministers had debated lowering the current $60-per-barrel price ceiling on Russian crude to $50, due to falling market prices. However, the proposal failed to make it into the official communiqué, with US reluctance cited as the key roadblock.
Diplomatic Deadlock and Escalation on the Ground
Although diplomatic efforts have recently gained momentum — marked by an uncommon in-person meeting between Ukrainian and Russian delegates last week — Moscow remains reluctant to engage in meaningful negotiations toward a lasting peace. The Kremlin stated on Thursday that further negotiations were “not yet arranged,” despite reports of potential Vatican-hosted mediation. Meanwhile, hostilities persist. On Friday, Russia’s Defence Ministry announced that its air defence units had intercepted 112 Ukrainian drones overnight, including two dozen over Moscow’s airspace. A day earlier, Russia carried out a missile attack targeting the city of Pokrov in Ukraine’s Dnipropetrovsk region.
European Parliament Approves Tariffs on Russian Fertilizers
Just before the G7 gathering, the European Parliament approved sweeping tariffs on Russian fertilizers, scheduled to begin July 1. The duties will escalate over a three-year period from 6.5% to nearly 100%, effectively curbing trade in the sector.
Pressure Mounts Amid Growing Internal Discord
As pressure mounts both diplomatically and economically, the road to a negotiated peace remains uncertain, with the G7 vowing vigilance and unity—albeit amid growing internal discord.
