Nadhim Zahawi – 2022 Comments on G7 Statement on Russian Aggression

The comments made by Nadhim Zahawi, the Chancellor of the Exchequer, on 2 September 2022.

Since Putin’s brutal and unprovoked invasion of Ukraine the UK and our allies have imposed hugely damaging sanctions on the Kremlin war machine, pushing the Russian economy into a deep recession and putting the majority of Russia’s $640billion foreign exchange reserves beyond use.

Following a productive meeting with Secretary Janet Yellen in Washington, and together with our G7 partners, we have agreed to go further. This has been a personal priority for me as Chancellor. We will curtail Putin’s capacity to fund his war from oil exports by banning services, such as insurance and the provision of finance, to vessels carrying Russian oil above an agreed price cap.

We are united against this barbaric aggression and will do all we can to support Ukraine as they fight for sovereignty, democracy and freedom.