As former U.S. President Donald Trump pushes for a ceasefire between Ukraine and Russia, the G7 nations have signaled their intent to impose further sanctions on Moscow and potentially use frozen Russian assets to aid Ukraine’s defense.
G7 Weighs Stronger Economic Measures Against Russia
During a high-level meeting in Canada, G7 foreign ministers deliberated on tightening economic restrictions on Russia if it fails to comply with the proposed ceasefire agreement. While Ukraine has agreed to the 30-day truce, Russia has yet to confirm its participation.
One of the most significant measures under discussion includes leveraging the €300 billion ($325 billion) in frozen Russian central bank assets, initially seized in 2022. Western allies, including France and Germany, which had previously been hesitant to seize Russian-held assets within the European Union, are now reassessing their stance. Talks are also ongoing with the United Kingdom and other nations on how to repurpose these funds for Ukraine’s benefit.
Additional sanctions could include stricter controls on Russian oil exports, aimed at cutting off a key revenue stream for the Kremlin’s war efforts.
Diplomatic Focus Shifts to Moscow
U.S. Secretary of State Marco Rubio emphasized that while previous negotiations had focused on Kyiv making concessions, Russia must also demonstrate willingness to compromise.
“I’ve never heard President Trump say that Russia has a right to take all of Ukraine and do whatever they want there,” Rubio stated, reinforcing the idea that Moscow must engage in meaningful peace efforts.
The shift in diplomatic attention follows a tense meeting last month between Trump and Ukrainian President Volodymyr Zelenskyy. After Washington temporarily halted military aid and intelligence sharing, Ukraine accepted Trump’s ceasefire proposal, leading to the resumption of U.S. support.
Territorial Disputes Pose a Major Challenge
While Russian President Vladimir Putin has expressed a general willingness to engage in a ceasefire, unresolved territorial disputes remain a key obstacle. Russian forces continue their advances in the Kursk region, an area Ukraine partially reclaimed last year.
Zelenskyy acknowledged the complexity of negotiations, stating that the two most challenging aspects are agreeing to a ceasefire and resolving territorial disputes. “The first requires courage and political will; the second demands a difficult dialogue,” he remarked.
With pressure mounting on Russia to respond to the ceasefire deal, the G7’s potential sanctions and asset repurposing could become critical tools in shaping the outcome of the ongoing conflict.