G7 countries to continue sanctions policy towards Russia

G7 countries are also set to take measures to counter alleged attempts to circumvent its price cap on Russian oil, G7 finance ministers and Central Bank chiefs said in a joint statement after a meeting in Washington.

According to the document, G7 nations "remain committed to taking further enforcement actions in response to oil price cap violations."

"We remain committed to implementing and enforcing further financial and economic sanctions and to countering attempts to evade or circumvent our measures, including by taking action against third-country actors," the statement reads.

The G7 finance chiefs said they will continue to develop measures to prevent Russia from acquiring advanced materials, technology, and equipment for its military industrial base.