Reuters. European Union Commissioner for Economy Valdis Dombrovskis said the bloc does not think that now is the time to ease pressure on Russia at a G7 meeting on Tuesday (May 19) after the United States announced an extension to a sanctions waiver allowing "energy-vulnerable" countries hit by the Iran war to buy Russian oil.
Dombrosvkis said that U.S. Treasury Secretary Scott Bessent had reassured its partners at the meeting that the U.S. waiver, issued for a further 30 days, allowing countries to buy sanctioned Russian oil at sea will be temporary.
"We know that it's already the second extension of the measure, which initially was meant to last only 30 days", he added.
French finance minister Roland Lescure said the G7 had agreed that the International Monetary Fund and the World Bank needed to step up efforts to aid vulnerable countries dealing with the impact of the U.S.-Israeli war with Iran and the closure of the Strait of Hormuz.
Canada's Francois-Philippe Champagne said a re-opening of the strait would "certainly" be in the group's statement issued after the meeting.
