FRANKFURT: According to Germany’s finance minister, the next wave of G7 penalties on Russia for its invasion of Ukraine should target oligarchs who have become wealthy under President Vladimir Putin.

“We’re working on further sanctions,” Christian Lindner told German television station ARD. “I’m very worried about going after the oligarchs.”

On Friday, the G7 countries announced preparations for a new wave of “tough penalties” against Russia, urging it to halt its actions near nuclear power facilities.

The rotating chairmanship of the G7 is currently held by Germany.

“Those who have gained from Putin and stolen the riches of the Russian people, including via corruption, will not be able to enjoy their affluence in our western democracies,” Lindner warned on Sunday.

Russia is currently facing a slew of sanctions aimed at cutting it off from the global banking system.

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