Bloomberg has learned of the G7's plan to significantly tighten sanctions against Russia.

The new sanctions package will include measures targeting, among other things, the energy, finance, and military industries, as well as Russia's largest oil companies. The G7 plans to complete the package in October, according toBLOOMBERG

The Group of Seven (G7) countries are nearing an agreement to significantly tighten sanctions against Russia, Bloomberg reports, citing a draft statement.

"We agree on the need to act together and believe that now is the time for a significant, coordinated escalation of measures to strengthen Ukraine's resilience and critically weaken Russia's ability," the draft states.

The agency reports that the G7 finance ministers are scheduled to issue a statement on Wednesday, October 1. According to people familiar with the matter, the draft is subject to change.

A current draft seen by Bloomberg says the G7 is working on a range of options, including new measures in key economic sectors such as energy, finance and the military.

"We agreed that now is the time to apply maximum pressure on Russia's oil exports , which are its main source of revenue," the statement said.

As the agency explains, this means that the G7 could impose sanctions against Russia's largest oil companies and target the so-called shadow fleet and energy trade.

The draft also states that the ministers will discuss Ukraine's financial needs, including coordinating the further use of Russia's frozen assets.

Sources said the G7 and the European Union intend to finalize their sanctions packages in October.

The new 19th package of EU sanctions against Russia has been agreed upon with the United States and will be adopted soon, French Foreign Minister Jean-Noël Barrot announced on September 22.

The European Union intends, among other things, to lower the price ceiling for RussianOil prices rose to $47.6 per barrel, restrictive measures were imposed on the Mir payment system, the export of certain ores, metals, chemicals, and salts was banned, and sanctions were imposed on 45 Russian and foreign companies. Furthermore, the European Commission proposed imposing sanctions on third countries for alleged assistance to the Russian military-industrial complex and phasing out Russian liquefied natural gas by 2027.

Russia considers Western sanctions illegal. Russian presidential press secretary Dmitry Peskov stated that the Russian economy continues to operate under "a huge number of sanctions" and has developed "a certain immunity" to them.

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