Accordingly, the heads of state and government of the seven leading industrialized nations agreed on further sanctions against the Russian energy sector in a video conference. The group also includes three leading EU countries, Germany, France and Italy.
All G7 countries have committed themselves to phasing out or banning the import of Russian oil – the USA itself has already imposed a corresponding import ban. Other members of the group are Canada, Great Britain and Japan. In Brussels, the EU countries are still negotiating an oil embargo against Russia and other punitive measures. Recently there was still a dispute about exceptions to the import ban for countries such as Hungary, the Czech Republic, Slovakia and Bulgaria. Discussions on this are expected to continue next week.
No retreat for Russian business
A US official also announced a ban on providing business services to companies or individuals in Russia. Services in the areas of accounting, management, consulting or marketing are affected. The US would also impose sanctions on three of the main television channels directly or indirectly controlled by President Vladimir Putin’s government: Pervy Kanal. Rossiya-1 and NTV. Advertising orders from the USA should not be placed with these “Kremlin mouthpieces”, nor should US technology be supplied for broadcasting.
The US official said the US would further tighten its export controls to weaken Russia’s war effort. Wood products, industrial engines and clearing vehicles are affected. In addition, sanctions would be imposed on managers of the largest and third largest Russian banks, Sberbank and Gazprombank. “The message is that if Putin’s invasion continues, there will be no safe haven for the Russian economy.”
Next summit at the end of June in Bavaria
The White House said: “Our unprecedented sanctions are already taking an immense toll on Russia’s economy.” The export controls would cut Russia off from important technology. “Putin’s war is expected to wipe out the economic gains of the past 15 years in Russia.”
Two important Russian tank factories stopped work because they lacked foreign components. Almost 1000 companies left Russia. “Putin did not achieve his original military goal of dominating Ukraine – but he managed to make Russia a global pariah.”
Because of the Russian war of aggression, Western countries have already imposed tough sanctions on Russia. Germany currently holds the G7 presidency and is hosting the group’s next summit in Bavaria at the end of June.
Source: Nachrichten
