The Group of Seven advanced economies are expected to announce more sanctions against Russia to further hinder its war effort in Ukraine during their summit in Hiroshima, Japan
The Group of Seven advanced economies are expected to announce a new set of sanctions against Russia to try to further hinder its war effort in Ukraine during their summit in Hiroshima, Japan.
In traveling to Japan, Ukrainian President Volodymyr Zelenskyy will help to drive home the need to better enforce measures meant to stifle Moscow’s war machine.
Russia is now the most-sanctioned country in the world, but there are questions about their effectiveness. EU Council President Charles Michel said the plan was to close loopholes and ensure the sanctions are painful for Russia, not for the countries enforcing them.
Here’s a look at what may be next, the sanctions so far, and the impact they have had on Russia’s economy and military effort.
WHAT THE G7 MIGHT DO
Michel said the 27-nation EU was focused on “shutting the door on loopholes and continuing to cut Russia off from critical supplies.» It is working on a plan to restrict trade in Russian diamonds and trace the trade to prevent Russia from skirting the restrictions. Russia exports about $4 billion worth of rough diamonds a year, nearly a third of the world’s total, and the lion’s share are cut and polished in India. The new sanctions follow an online summit in February where G7 leaders pledged to intensify enforcement through their sanctions watchdog Enforcement Coordination Mechanism to improve information sharing and enforcement. It has pledged to impose “severe costs” on other countries that evade or undermine them. “We will starve Russia of G7 technology, industrial equipment and services that support its war machine,” Ursula von der Leyen, president of the European Commission, said.
CHINA ON THE LIST?
Some Chinese companies that are thought to be supplying components to Russia that can be used for military equipment are on the list of entities that might be sanctioned, an EU official said Saturday.
