G7 leaders agree tougher Russia sanctions amid US‑Iran deal reopening Hormuz

At the G7 summit on 17 June 2026, leaders from the United States, United Kingdom, Canada and other members agreed to increase pressure on Russia by expanding sanctions on its oil and gas exports. The United Kingdom and Canada have already announced new sanctions, and President Donald Trump met with Ukrainian President Volodymyr Zelenskyy to discuss additional support, including a licence for Patriot missiles.

The summit also addressed a memorandum of understanding signed between the United States and Iran that would reopen the Strait of Hormuz and grant Iran limited exemptions from U.S. sanctions on oil and related services. Pakistan’s prime minister welcomed the move as a step toward a regional peace solution, while Israeli officials warned that the deal could undermine Israel’s security. European leaders described the Iran agreement as a chance to reduce regional instability, though they noted their limited role in the negotiations. The combined outcomes are expected to affect global oil markets and the strategic dynamics of the Ukraine conflict and Middle‑East tensions.