US Implements New Sanctions Against Russia Ahead of G7 Summit

US Announces New Sanctions Against Russia

The US has announced a new package of sanctions against Russia targeting about 70 companies and organizations to cut them off from US exports, even as the G7 Summit in Japan is yet to begin. The aim is to target Russia’s supporters abroad as well.

Russia-Ukraine Conflict A Key Issue

The Russian attack on Ukraine remains one of the main subjects of discussion at the seven leading democratic industrialized nations meeting, which officially begins this Friday in Hiroshima. The aim of the G7 summit is to improve the enforcement of current sanctions and prevent their circumvention.

US Aims to Increase Economic Pressure on Russia

While not elaborating on the partners’ plans, the US official stated that the United States would implement an extensive set of measures on their own. It aims to increase the economic pressure on Russia and make it even more difficult to sustain its war machine.

Aiming to Limit Access to Financial Systems

The US official also highlights the need to target financial and other supporters of Russia in Europe, the Middle East, and Asia. The effort also extends to limiting Russia’s access to the international financial system.

G7 to Issue Separate Declaration on Ukraine

The G7 summit will issue a separate declaration concerning Ukraine. It will include new obligations aimed at closing loopholes on sanctions and diminishing Russia’s dependence on energy. The focus is also on expanding the sanctioning of Russia’s digital sector.

G7 Plans to Restrict Export of Diamonds from Russia

G7 partners plan to limit the export of raw diamonds from Russia, potentially restricting trade to other countries recognizable as ‘Russian diamonds.’ The restriction includes a possible embargo on the trade of raw diamonds in the EU, where it contributes to a significant economic sector in Belgium.