French President Emmanuel Macron has ruled out lifting sanctions against Russia due to escalating tensions in the Middle East.
“The current situation does not justify lifting the sanctions on Russia. Our focus on Ukraine, supporting the country, and maintaining clarity on sanctions against Russia remains unchanged, and we will continue these efforts,” Macron said following a videoconference with G7 leaders on Wednesday.
Stressing the need for presence in the eastern Mediterranean, free passage through the Red Sea and a coordinated effort to escort ships through the strait, Macron noted that conditions are not yet met and the Strait of Hormuz has become a “theatre of war.”
He underscored that the G7 will take measures to encourage maximum production among all producers and engage with several countries to prevent any export restrictions.
“At the national level, the government is conducting checks to ensure that no one takes advantage of the situation to raise prices too quickly or excessively,” Macron reaffirmed.
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Ahead of the meeting, Macron also urged coordinated efforts to ensure freedom of navigation in all straits amid escalating tensions in the Middle East.
“I think it’s important we coordinate to make sure that freedom of navigation is clearly restored in all the straits as soon as possible, but also to be prepared to, as well, preserve freedom of navigation in the Red Sea and Bab el-Mandeb, which is, as well, very sensitive,” he said.
He stressed readiness to “reactivate some operations we had years ago.”
Macron also welcomed the International Energy Agency member countries’ decision to release 400 million barrels of oil from strategic reserves, stressing that it is the “equivalent, more or less, of 20 days of the volumes being exported through the Hormuz Strait.”
“The G7 represents 70 percent of this announcement, and it will be based on national implementation when we regard the execution of this decision,” he added.
Macron also reiterated the significance of increasing global production and engaging with third parties to avoid export restrictions for oil and gas, “which could destabilise the market and create more volatility.”