France’s finance minister has said that increasing sanctions against Russia should be considered as the current measures have been “very effective.”

“We are in the process of outlining these new sanctions, but, for the time being, I want to say that sanctions that have been implemented are very effective,” Bruno Le Maire said.

“When you are looking at oil revenues diminishing in Russia, thanks to the sanctions, and the close to $60 billion in assets that have been frozen, you can say that sanctions against Russia are working,” the finance minister said.

His remarks came one year after the start of Russia’s full-scale invasion of Ukraine in February 2022.

The EU recently increased its oil sanctions against Russia, with a ban on Russian oil products exports beginning on Feb. 5. The embargo came precisely two months after the West made their most crucial move yet to prevent Russia from funding the war by exporting oil.

The G7 applied a price limit of $60 on Russian oil in December, which coincided with the European Union’s import ban on Russian seaborne crude and bans by other western countries.

Analysts are not convinced about the effectiveness of sanctions on Russia’s crude oil, but Le Maire insists Europe should continue “their very clear, strong use.”

“Sanctions will be even more effective in the longer term, so we need to be firm, and we need to be strong. That’s exactly the attitude all European members have chosen,” he said, adding that all European countries “are united against this war in Ukraine and enforcing sanctions, which is good news for Europe.”

Before the G20 summit in India began, US Treasury Secretary Yellen said she believed the sanctions on Russia had taken a significant toll.

Russia is now running a large budget deficit, even though by some measures, Yellen continued, the Russian economy has stood up better than might have been initially anticipated.

“The price cap we’ve put on Russian oil is seriously cutting Russia’s revenues, which are down by nearly 50% in January compared to a year ago,” she said.

“Russia is suffering in its ability to buy what it needs. We will persist in using tighter sanctions, working with our allies, further degrading Russia’s ability to fight this war.”

The G-7 economies agreed to review the price limit on Russian oil exports next month but failed to come together for a joint communique condemning the war.

Instead, hosts India issued a “chair’s summary,” with Russia and China declining to endorse any joint statement.

“Most members strongly condemn the war in Ukraine and stress that it is causing immense human suffering and exacerbating existing fragilities in the global economy,” the statement said.

“There were other views and different assessments of the situation and sanctions. However, recognizing that G20 is not the place to resolve security issues, we understand that security issues have significant consequences for the global economy,” the statement continued.

Besides the G7 countries, the G20 also comprises countries such as Japan, the Republic of Korea, Mexico, and Saudi Arabia, with India currently holding the presidency and keeping a largely neutral stance on the war. Instead, it has sought the crisis to be ended diplomatically. Simultaneously, India has sharply increased the amount of oil it purchases from Moscow, taking advantage of cheap Russian oil as most other countries are under restrictions from sanctions.

Australia’s Treasurer Jim Chalmers added, “it’s crucially important that the G20 finance ministers stand as one against the aggression from Russia.”

“This is the cause of so many of the economic challenges around the world and at home in Australia, and we need to be resolute,” he said.

The G20 meeting occurred after Beijing released a 12-point paper on Friday urging the end of the war in Ukraine and calling for the countries to come to the negotiating table.

In the paper, Beijing urged the international community to support the “right approach” in finding peace talks between the two countries and said China wanted to “play a constructive role.”

China’s paper to end the war came days after US Secretary of State Antony Blinken said the United States has information indicating China is considering sending “lethal support” to Russia.

On Thursday, the United Nations General Assembly in New York backed a resolution condemning the invasion. The motion was supported by 141 nations, with 32 abstaining and 7, including Russia, voting against it.