G-7 meeting: New Sanctions against Russia, Investment Ban, abandoning Russian Energy
The countries of the Group of Seven (G-7) will increase pressure on Russia, including by imposing additional sanctions on Russian state structures. G7 leaders said this in a statement issued yesterday after the summit. “We will increase the pressure on Russia, including by imposing additional sanctions on the state structures that are the main driver of the Russian economy,” the statement said.
The G7 countries will ban all investment in Russia, including in the energy sector, and expand restrictions on exports and imports. “We are banning new investments in key sectors of the Russian economy, including the energy sector,” the statement said. “We intend to extend the bans on the export of modern goods and specialized services important to Russia's security, state structures and economy. We will also tighten restrictions on imports of a number of goods that are beneficial to Russia.”
G-7 leaders said the resumption of fighting in Ukraine would lead to a long-term process of “economic, financial and technological isolation of Russia”. “We will continue to exclude Russian banks from the global financial system. We have already significantly worsened the state of Russia's financial system by focusing on transactions with assets of the Central Bank and several other financial institutions,” the statement said.
The G-7 intends to step up plans to reduce its dependence on Russian oil and coal and will impose additional sanctions on Russia's defense industry. The G7 countries will step up joint measures to monitor compliance with sanctions imposed on Russia, including by preventing circumvention and circumventing restrictions.
“We will strengthen our collective implementation and monitoring of existing measures, including by strengthening our national bodies to monitor compliance with sanctions and work with our partners to prevent violations of sanctions by avoiding, circumventing and compensating,” the document said.
The document notes that the G7 states “will continue and intensify the campaign against elites and members of their families who support Russian President Vladimir Putin” on the issue of Russia's invasion of Ukraine. “In accordance with our legal framework, we will impose sanctions on additional individuals and legal entities,” the text reads.
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