Sir Keir Starmer is set to announce a new package of sanctions targeting Russia amid ongoing strikes against Ukraine. Tragically, Ukrainian officials reported that 14 people lost their lives in a recent barrage of drones and missiles that hit Kyiv overnight.
While the UK prepares to unveil measures intended to intensify economic pressure on the Kremlin, it appears that the United States may not participate in these sanctions. Former President Donald Trump expressed his opposition during the G7 summit in Canada, arguing that additional sanctions would be financially burdensome for the U.S.
In a statement, Starmer emphasized the importance of demonstrating to President Vladimir Putin that “it is in his and Russia’s interests to demonstrate he is serious about peace.” The new sanctions aim to further restrict Putin’s military operations, and are expected to align with efforts from Ukraine’s allies on Tuesday.
Downing Street revealed that this sanctions package seeks to maintain pressure on Russia’s military-industrial complex but withheld specific details. Sir Keir stated that he and G7 partners are finalizing these measures, which are designed to “squeeze Russia’s energy revenues and reduce the funds they are able to pour into their illegal war.” He added, “The fact is, Russia doesn’t hold all the cards.”
A spokesman for No 10 addressed the lack of detailed information about the sanctions, suggesting that it was too early in the G7 discussions to provide insights on the outcomes.
Ukrainian President Volodymyr Zelensky and his allies hope to persuade Trump to exert pressure on Russia during the summit. Trump indicated he would depart early due to the escalating conflict in the Middle East and voiced opposition to the sanctions initiative, stating, “You’re talking about billions and billions of dollars. Sanctions are not that easy. It’s not just a one-way street.”
He mentioned he prefers to wait for a potential agreement between Russia and Ukraine before supporting any new sanctions package. His early exit from the summit could mean that the anticipated sanctions announcement may not involve the U.S.
In Canada, discussions will likely also focus on strategies to lower the global price for Russian oil. The G7 previously agreed to impose a price cap of $60 per barrel on Russian crude oil, a condition for access to Western ports and shipping insurance. However, falling energy prices have diminished the effectiveness of this cap.
The European Commission is advocating for a reduction of this cap to $45 (£33.18), with Ukraine pushing for an even lower threshold at $30 (£22.12). Furthermore, Western allies are advocating for a rigorous new package of direct economic sanctions.
The European Commission has already proposed additional penalties that would target Moscow’s energy sector, banking institutions, and military industry. Some U.S. senators are also advocating for stringent new tariffs on countries that purchase discounted Russian oil, particularly China and India, though the success of these measures remains uncertain.
During a press conference alongside Canadian Prime Minister Mark Carney, Trump called Russia’s expulsion from the G7 a “mistake,” stating it makes international relations more complicated. In 2014, world leaders, including former President Barack Obama, decided to remove Russia from the group following its annexation of Crimea.