G7 Tightens Sanctions on Russian Oil and Gas as Moscow Refinery Hit by Drone Strike

According to G7 statements released today (June 17), the Group of Seven agreed to strengthen sanctions on Russian oil and gas and reduce dependence on the Strait of Hormuz, while increasing energy reserves. Separately, U.S. President Trump stated the administration is prepared to let existing Russian oil sanctions exemptions expire and implement stricter penalties. Moscow's Tatneft also implemented fuel sales restrictions across all gas stations in Russia. On June 16, a Moscow refinery was suspended after being struck by Ukrainian drones, according to sources.
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