GBAF Logo
Global Banking & Finance Awards® 2026 Nominations open, free to enter Nominate now →
Ukraine's Zelenskiy says G7 leaders discussed further sanctions on Russia - Finance news and analysis from Global Banking & Finance Review
Finance

Ukraine's Zelenskiy says G7 leaders discussed further sanctions on Russia

Published by Global Banking & Finance Review

Posted on June 16, 2026

4 min read

· Last updated: June 16, 2026

Add as preferred source on Google

Zelenskiy says G7 agreed Russia is not winning war, discussed more sanctions

G7 Summit Discussions and Ukraine's Strategy

KYIV, June 16 (Reuters) - Ukrainian President Volodymyr Zelenskiy said on Tuesday the Group of Seven leaders agreed at a summit in France that Russia was not winning its war in Ukraine, and they discussed additional sanctions to bring Moscow to the negotiating table. 

Speaking by video link in an interview at the Reuters NEXT Europe summit in London, Zelenskiy said he had detected a shift in mood among the G7 leadership: an understanding that Russia had lost the initiative on the battlefield and was deliberately targeting civilian infrastructure.

G7 Leaders' Consensus and Sanctions

"We had unanimity that Russia is not winning and they are losing a lot of people, that they have to make a deal as quickly as possible, and they don't have the initiative in their hands," he said in a conversation with Reuters editor-in-chief Alessandra Galloni.

At a morning session in the French resort of Evian-les-Bains, G7 leaders had discussed additional sanctions targeting Russia's oil exports, its banking sector and its military production, Zelenskiy said.

Ukraine's Military Tactics and Political Pressure

Ukraine would maintain its long-range drone and missile strikes on Russian energy and military targets, Zelenskiy said, but more political pressure was needed to push Russian leader Vladimir Putin towards a peace deal.

"He doesn't want to stop the war. He has to be under more pressure," Zelenskiy said, adding that Russian losses on the battlefield - which Ukraine estimated at around 35,000 killed or wounded per month - were not swaying Putin.

Russia has denied this figure.

Role of International Leaders in Negotiations

"I think that President (Donald) Trump can do it, maybe only him," he said, adding that European leaders also wanted to play a role in the negotiations.

Zelenskiy Calls for Meeting with Putin Before Winter

Zelenskiy, who is due to hold bilateral talks with Trump later on Tuesday, said he hoped the U.S. leader could convene direct negotiations with Putin in a neutral country such as Switzerland, Turkey or somewhere in the Middle East.

"It's a very important thing to try to organize a meeting before the winter," Zelenskiy said, noting that last winter had been terrible for Ukraine after Russian strikes wreaked havoc on its electricity and power.

"We don't want to go through the same winter again. And Russia has to know... they will also not have a simple one."

In recent weeks, Putin has rebuffed Zelenskiy's offer of face-to-face talks, saying that he saw no reason for them, and insisted that Ukraine must make territorial concessions as the price for peace.

Pressuring Putin

An interim deal reached between the U.S. and Iran this week to end the Middle East war is good news for Ukraine, Zelenskiy said, because it will lower oil prices and weaken Russia's ability to fund the conflict.

Internal and External Pressures on Russia

While some people around Putin are pressuring the Kremlin leader to launch a larger mobilization of Russian troops, Zelenskiy added, a majority of Russians understand that their country is not winning the war.

A day after Russian drones hit one of Ukraine's most historic monasteries in Kyiv, Zelenskiy said there was now unanimous understanding within the G7 that Russia was deliberately targeting civilian infrastructure.

Military Aid and Defense Capabilities

Zelenskiy said Trump had responded positively to his request to increase supplies of U.S.-made Patriot air defence missiles to Ukraine - the only weapon in Ukraine's arsenal capable of stopping Russia's ballistic missiles .

"This is a big challenge because the production is not so big as our needs," Zelenskiy said.

The U.S. produces roughly 600 Patriot interceptors a year - which many experts estimate is below Russia's ballistic missile output. Many experts also assess that two Patriot missiles are required to guarantee an interception.

Expanding Missile Production

Zelenskiy said he had discussed with Trump the possibility of the U.S. granting licences to Kyiv to produce Patriot missiles in Ukraine. Zelenskiy said he had also held meetings with senior executives at Raytheon, which makes the interceptors.

"We want to increase their production, if they will be ok and if President Trump will support this idea," Zelenskiy said, adding that the U.S. leader was "positive".

Europe's Role in Missile Defense

Europe, meanwhile, needs to step up its own efforts to manufacture a missile defence system capable of taking down ballistic rockets, and at a cheaper cost, Zelenskiy said.

Further Information

View the Reuters Next live broadcast of the World Stage here, and read full coverage here.

(Writing by Daniel Flynn; Editing by Kevin Liffey and Gareth Jones)

Key Takeaways

  • G7 leaders concurred Russia is not prevailing in Ukraine and considered additional sanctions to compel dialogue (investing.com)
  • Zelenskiy warned Russia could face a harsh winter if no peace deal is reached before then (investing.com)
  • Trump responded ‘very positively’ to Zelenskiy’s appeal for increased U.S. air defence missile support (m.investing.com)

References

Frequently Asked Questions

What did G7 leaders discuss regarding Russia at the summit?
G7 leaders discussed the possibility of imposing further sanctions on Russia to pressure it into negotiating an end to the conflict in Ukraine.
What impact could the sanctions have on Russia?
The sanctions are intended to make the upcoming winter more difficult for Russia, especially if no peace deal is reached, due to Ukrainian attacks on Russian energy infrastructure.
How did U.S. President Trump respond to Ukraine's requests?
President Trump responded positively to President Zelenskiy's request to increase the supply of air defence missiles to Ukraine.
Where did President Zelenskiy make his remarks?
President Zelenskiy spoke via video link at the Reuters NEXT Europe summit held in London.

Tags

Related Articles

More from Finance

Explore more articles in the Finance category