G7 leaders refuse to lift sanctions on Russia due to Middle East oil crisis

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Investing.com – French President Emmanuel Macron said that G7 leaders agreed on Wednesday that the Middle East situation triggered by the US-Israel and Iran conflict is not sufficient reason to lift sanctions on Russia.

Macron hosted a phone call with G7 leaders and announced the decision after discussing the crisis and its impact on the global oil market.

The International Energy Agency (IEA) has decided to release 400 million barrels of oil, the largest release in the agency’s history. Macron stated that France will benefit from this release by 14.5 million barrels of oil.

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