G-7 leaders are set to implement measures increasing pressure on Russia as its ongoing invasion of Ukraine enters its second year.
The G-7 leaders have convened in Hiroshima, Japan, for a three-day summit to engage in discussions regarding international trade and security amidst the ongoing rivalry between the United States and China for global influence in a multipolar world.
Weakening Russia’s Military Capabilities
Simultaneously, concerns persist about the decoupling between these two nations and the ongoing conflict in Ukraine.
A senior official from the United States government, speaking anonymously, announced early Friday morning that the administration intends to implement measures aimed at economically isolating Russia, with the objective of undermining its capacity to wage war.
The official informed reporters that the United States will continue to expand export controls, further impeding Russia’s ability to sustain its military capabilities. Emphasizing the unwavering determination of the U.S. government, the official stated that their commitment to intensifying pressure on Russia remains as steadfast as it was in the previous year.
Read more: Ukraine’s Arms Funding Boosted As Pentagon Uncovers Multi-Billion Dollar Accounting Error
Targeting Financial Facilitators
Discussions concerning the extent of sanctions on Russia will take place concurrently with the anticipated arrival of Ukrainian President Volodymyr Zelensky in Japan to participate in the G-7 summit on Sunday.
The U.S. official additionally revealed that all G-7 members are preparing to enact a fresh set of export controls, which will involve the inclusion of 70 entities on the U.S. commerce blacklist.
Furthermore, over 300 new sanctions will be imposed on individuals, entities, vessels, and aircraft associated with Russia. These measures will specifically target financial facilitators, as well as future energy and extractive capabilities linked to Russia and other entities supporting the ongoing conflict.
The official clarified that the sanctions will extend across Europe, the Middle East, and Asia.
Concurrently, the United Kingdom has independently imposed additional sanctions on Russia under forthcoming legislation set to be introduced later in the year.
Prime Minister Rishi Sunak’s office announced on Friday that the UK will impose a ban on Russian diamonds, an industry that generated $4 billion in exports in 2021.
The ban will also encompass imports of Russian-origin copper, aluminum, and nickel.
Read more: Ukraine’s Arms Funding Boosted As Pentagon Uncovers Multi-Billion Dollar Accounting Error