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G7 warns Russia of oil price caps and new sanctions if ceasefire talks fail

Foreign ministers from the world’s seven most advanced economies have issued a unified warning to Moscow, pledging additional sanctions, oil price caps, and increased support for Ukraine if Russia fails to reciprocate Kyiv’s willingness to implement an immediate ceasefire on equal terms.

byOlena Mukhina

14/03/2025

2 minute read

Flags of the G7 nations. Illustrative image: Anadolu Ajansı

G7 warns Russia of oil price caps and new sanctions if ceasefire talks fail

The foreign ministers of the G7 countries have threatened Russia with new sanctions if it does not agree to a ceasefire with Ukraine, according to a joint declaration adopted following their meeting in Charlevoix, Quebec.

Recently, the US proposed a 30-day ceasefire, which Ukraine has accepted, but Russia’s commitment remains uncertain. On 13 March, Russian ruler Vladimir Putin stated that he wanted assurances that Ukraine would not receive weapons during a potential ceasefire. He also said that any deal must include conditions “necessary to achieve long-term peace and address the root causes of the war,” which are the destruction of Ukraine’s sovereignty. His claims came right after the US resumed its aid for Kyiv after weeks of pressure into a mineral deal and acceptance of peace with Russia without any security guarantees.

In the document, the top diplomats of Canada, the US, the UK, France, Italy, Germany, Japan, and the EU High Representative have welcomed ongoing efforts to establish a ceasefire, emphasizing Ukraine’s commitment to an immediate truce as a crucial step toward a comprehensive, just, and lasting peace in accordance with the UN Charter.

“We called for Russia to reciprocate by agreeing to a ceasefire on equal terms and implementing it fully,” the statement reads.

In this regard, the ministers discussed the possibility of additional measures against Russia should such a ceasefire not be agreed upon. These measures include new sanctions, oil price caps, and providing additional support for Ukraine.

“This includes the use of extraordinary revenues stemming from immobilized Russian Sovereign Assets. We underlined the importance of confidence-building measures under a ceasefire including the release of prisoners of war and detainees—both military and civilian—and the return of Ukrainian children,” the G7 ministers say.

At the same time, the G7 stressed that any ceasefire must be upheld. They also highlighted the need for reliable and credible security mechanisms for Ukraine to ensure its ability to deter and defend against any future aggression.

“We condemned the provision to Russia of military assistance by DPRK and Iran and the provision of weapons and dual-use components by China, a decisive enabler of Russia’s war and of the reconstitution of Russia’s armed forces. We reiterated our intention to continue to take action against such third countries,” the document reads.

The ministers have also reaffirmed their commitment to coordinating economic and humanitarian assistance for Ukraine’s rapid recovery and reconstruction, including at the Ukraine Recovery Conference scheduled for 10-11 July in Rome.

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