The United Kingdom and its G7 allies are preparing a new set of sanctions aimed at crippling Putin's military apparatus.

This was announced by UK Prime Minister Keir Starmer, according to BBC reports.

New sanctions against Russia: G7 plans to hit the defense industry and lower oil prices.

Starmer stated that these new measures aim to intensify economic pressure on the Kremlin and to convey to Vladimir Putin that a genuine commitment to peace aligns with Russia's own interests.

The Prime Minister's office clarified that the sanctions will target the Russian defense sector, although specific details have not yet been provided.

Starmer added that work on new measures against Russia is concluding at the Alberta summit, and they aim to “reduce Russia's energy revenues” and cut funding for its illegal war.

“The fact is, Russia does not hold all the cards,” he declared.

In response to questions about the lack of specifics, a Downing Street representative explained that the G7 summit has just begun, thus it would be premature to disclose details before the official announcement.

One of the key topics during the discussions in Canada is likely to be the discussion of lowering the cap on Russian oil prices.

Currently, the European Commission proposes to limit it to $45 per barrel, while the existing cap set in December 2022 is $60.