EU Economic Commissioner Dombrovskis: G7 ministers discussed further EU energy sanctions on Russia

The Group of 7 (G7) finance leaders wrapped up its most recent summit on Thursday, with EU Economic Commissioner Valdis Dombrovskis characterizing the talks as “positive and successful,” particularly in advancing support for Ukraine and addressing global economic imbalances.

Key among the discussions was a fresh push on sanctions targeting Russia. Dombrovskis revealed that G7 ministers proposed adjustments to the existing oil price cap on Russian crude, with a new suggested level of $50 per barrel. However, central bank policymakers at the meeting stopped just short of going too far into discussions of new sanctions, although several ideas about energy-related restrictions were floated as potential topics for future discussion.

Key highlights

• G7 leaders had a positive, successful meeting.
• G7 advanced discussion in support of Ukraine, addressing economic imbalances.
• Ministers made proposals on next package if EU sanctions on Russian energy.
• There was a suggestion to lower Crude Oil price cap to $50 per barrel.
• G7 did not go in-depth on Russian sanctions.
• Trade discussions were a "difficult topic".
• The EU sees US Tariffs as creating negative economic effects, US takes a different view.
• Still committed to finding mutually acceptable solutions.
• G7 ministers did not directly negotiate trade, "per se".
• Global corporate tax deal was not on the table at this meeting.