Conflicts: G7 tighten economic sanctions against Russia

Conflicts: G7 tighten economic sanctions against Russia

The G7 countries follow up on the punitive measures against Russia. The new sanctions are aimed at Moscow’s lucrative commodity trade.

The G7 countries want to further restrict Russia’s commodity trade, which is worth billions. Shortly before the start of the summit meeting of the group of states in Hiroshima, Japan, the USA and Great Britain announced new punitive measures from among the leading democratic industrial nations.

London wants to impose an import ban on Russian diamonds as well as copper, aluminum and nickel from Russia. Among other things, the US plans to cut off about 70 companies and organizations from Russia and other countries from US exports, a government official said in Hiroshima.

The United States wants to impose other penalties on more than 300 people, companies and organizations, ships and planes. Great Britain also wants to punish 86 people and companies.

main theme of the summit

Russia’s war against Ukraine is one of the main topics at the meeting of the seven leading democracies, which lasts until Sunday. The G7 includes Great Britain, the USA, Japan, Germany, France, Italy and Canada as well as the European Union.

Even before the meeting, it had become known in Hiroshima that all G7 countries wanted to limit the export of rough diamonds from Russia. A corresponding summit declaration should be decided, as diplomats from the German Press Agency said.

The diamond trade is a good source of income for Russia. The state sponsor Alrosa achieved 332 billion rubles (around 4 billion euros) in 2021 – the last year in which it disclosed figures. Russia is the world’s largest producer of rough diamonds.

Goal: pressure on Russia

Since the Russian attack on Ukraine on February 24, 2022, the West has imposed unprecedented punitive measures, including far-reaching trade restrictions. The G7 also want to discuss how they can better enforce existing sanctions and plug loopholes.

The US official said all G7 countries are preparing new sanctions and export controls. He did not want to comment on the partners’ plans in detail. “But the United States will launch an extensive package of measures of its own.” The aim is to increase the economic pressure on Russia and make it even more difficult to maintain its war machine.

The plan is to further restrict access to goods that are important on the battlefield, said the senior US government official. It is about financial and other supporters of Russia. The sanctions hit targets in Europe, the Middle East and Asia. In addition, sanctioning powers should be extended to the digital sector of the Russian economy.

Source: Stern

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest Posts

Has the ability to harmonize different interests

Has the ability to harmonize different interests

The Secretary of Industry and Productive Development of the Nation, José Ignacio “Vasco” de Mendiguren, supported this Sunday a possible presidential candidacy of the Minister