Next G7 sanctions should hit Russian oligarchs: minister

FRANKFURT: The next round of G7 sanctions against Russia over its invasion of Ukraine should hit those oligarchs who have got rich under President Vladimir Putin, Germany’s finance minister said Sunday.

“We are working on further sanctions,” Christian Lindner told Germany’s ARD television. “I am particularly concerned about hitting the oligarchs.”

G7 countries announced plans on Friday for a fresh round of “severe sanctions” against Moscow, calling on Russia to stop its attacks near nuclear power plants.

Germany currently holds the rotating presidency of the G7.

“Those who have profited from Putin and stolen the wealth of the Russian people, also through corruption, cannot enjoy their prosperity in our western democracies,” Lindner said Sunday.

Russia is already dealing with a wave of sanctions designed to isolate it from the international financial system.

On Thursday, the United States and the United Kingdom added more Russian oligarchs to a blacklist of businessmen associated with the Kremlin  already targeted by the European Union.

The same day, France said it had seized a superyacht owned by Russia’s oil czar Igor Sechin on the French Riviera.

On Saturday, Italy announced it had frozen assets held by Russian oligarchs there, including luxury yachts and property, worth around 140 million euros.

Putin on Saturday said of the economic measures taken against Russia: “The sanctions against Russia are akin to a declaration of war. But thank God we’re not at that point yet.”

Lindner, asked about the danger of a nuclear conflict between Russia and Ukraine Sunday, replied: “We want to convey to the people that the federal government is doing everything in its power to prevent such a horrible, terrible scenario for our country.