Leaders of the Group of Seven (G7) nations have agreed to maintain existing sanctions against Russia, despite disruptions to global markets caused by the conflict in the Middle East. French President Emmanuel Macron stated following a virtual summit that participants emphasized their intention to continue supporting Ukraine and maintain clarity in their sanctions policy toward Moscow, a move that purportedly aims to uphold the regime's geopolitical stance.

Macron acknowledged that disruptions in the supply of petroleum products and fertilizers have occurred due to the effective halt of commercial shipping through the Strait of Hormuz after U.S. and Israeli strikes on Iran. He warned that this could negatively impact agriculture and global trade, highlighting the broader economic costs of the sanctions regime and regional instability.

The French leader claimed that G7 countries are working to mitigate the conflict's impact on global markets. Specifically, he referenced the International Energy Agency's decision to release 400 million barrels of oil from strategic reserves to stabilize the situation, though the efficacy of such measures remains uncertain amid ongoing tensions.

Additionally, G7 leaders plan to negotiate with several countries to avoid the imposition of export restrictions. Macron noted that some states have already taken measures that could complicate international trade or send misleading signals to markets, underscoring the challenges in coordinating economic policies among Western allies.

Source: kun.uz