G7 Agrees New Russia Sanctions, Backs Ukraine's Territorial Integrity

G7 leaders agreed on Wednesday to escalate sanctions on Russia's war economy, presenting a united front on Ukraine's territorial integrity.

"In this context, we will strengthen our sanctions (against Russia), including those on the oil and gas sectors," the leaders said in a joint statement.

The declaration from the June 15-17 summit arrives as Kyiv seeks peace talks from a strengthened position. US President Donald Trump said he is prioritising negotiations after signing a preliminary memorandum of understanding to end the conflict with Iran.

Kyiv holds a new advantage. Recent successful drone incursions weakened Russia's hand on the battlefield, Reuters reported. This shifted momentum provides Ukraine with a stronger foundation as diplomatic efforts accelerate.

Trump expressed optimism about ending the conflict following a Tuesday meeting with Ukrainian President Volodymyr Zelenskiy and other leaders. Zelenskiy indicated he could meet the US president again on Wednesday.

"We had a very good conversation yesterday with President Zelenskiy and President Putin, and I think maybe we can do something there. I really do. I think they're both open to it," Trump said, adding he would also seek to end fighting in Lebanon.

Furthermore, the bloc welcomed the preliminary US-Iran peace agreement. G7 nations committed to broadening energy transit paths and lowering dependence on the Strait of Hormuz. Trump said that ships are already navigating the major route toll-free. While many expressed relief over the Iran deal, unease over new Trump tariff threats aimed at France and his warnings about the dangers of immigration tempered it, PTI reported.

Iran confirmed the memorandum but postponed official talks until the US fulfils its preliminary commitments. A 60-day window for nuclear and sanctions discussions will follow the official signing on June 19. Iranian Deputy Foreign Minister Kazem Gharibabadi warned El Pais that Tehran does not trust "the enemy" and would enact rapid retaliatory steps if Washington violates the agreement.

Trade and technology tensions

Leaders face deep economic divisions. France is urging partners to draft a statement on critical minerals to protect Western supply networks from Chinese dumping. Beijing disrupted global markets with 2025 restrictions on rare earth magnets and curbed American access to tungsten and antimony, Reuters reported.