The Group of Seven (G7) countries agreed not to lift sanctions on Russia despite the conflict involving Iran, according to Deutsche Welle on March 11.
French President Emmanuel Macron announced the position after a meeting with G7 leaders.
He informed reporters that the situation in Iran should not reduce support for Ukraine or weaken the group’s approach to sanctions on Russia.
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Macron also stressed that the G7 remained focused on Ukraine. European Commission President Ursula von der Leyen echoed that stance in a post on X, noting that “this is not the moment to relax sanctions on Russia.”
She also indicated that participants supported the International Energy Agency's decision to release 400 million barrels of oil from reserves. She described the step as necessary to stabilize global energy prices.
The statements were made while the US had previously granted India a 30-day sanctions waiver to accept Russian crude already at sea, aiming to keep oil flowing as the Hormuz crisis disrupted shipping, Treasury Secretary Scott Bessent said.
Washington said the waiver is intentionally short-term and should not significantly benefit Moscow, while signaling it expects New Delhi to ramp up purchases of US oil once supplies stabilize.
The step follows earlier US pressure over India’s discounted Russian imports, but mounting supply risks and price spikes have pushed refiners to seek alternatives, with dozens of Indian-linked ships reportedly delayed by the disruption.
jops55 on March 12nd, 2026 at 15:06 UTC »
It shouldn't be G7: it should be G6.
beekeeper1981 on March 12nd, 2026 at 13:19 UTC »
This is good because Russia already has no problem selling all of it's oil. Reducing sanctions doesn't bring more supply to the market and lower the overall price. The only thing it would accomplish is diminishing the discount on Russian oil, giving the Kremlin more money. For the benefit of exactly no one else.
dgkimpton on March 12nd, 2026 at 12:44 UTC »
Good. Why would anyone even think that Israel/USA invading Iran should reduce the sanctions on Russia as a result of invading Ukraine? What a non-sensical idea.