The Group of Seven Summit will be held May 19-22 in Hiroshima, Japan.
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The leaders of the Group of Seven have committed to a range of other measures to put pressure on Russia, which is in its second year invading Ukraine.
“We are imposing more sanctions and measures to increase the cost to Russia and those supporting its war effort,” the group said.
G-7 leaders meet in Hiroshima, Japan for a three-day meeting to discuss international trade and security as Russia pursues its war in Ukraine, while the US and China battle for influence in a multipolar world.
“We will starve Russia of the G-7 technology, industrial equipment and services that support its war machine,” the group said in a statement released late Friday, also praising its economic support for Ukraine’s post-war recovery expressed.
The newly announced sanctions build on previous measures and are expanded to “ensure that exports of all goods critical to Russian aggression, including those used by Russia on the battlefield, are restricted in all our jurisdictions, including exports of industrial machinery , tools and other technology.” “This is what Russia is using to rebuild its war machine,” the G-7 said in its statement.
The restrictions have been announced Ukrainian President Volodymyr Zelenskyy is expected to fly to Japan to attend the G-7 summit.
The recovery budget of Ukraine
The G-7 reiterated their support for Ukraine and commended the efforts of international organizations’ reform programs to rebuild Kiev’s war-torn economy.
“Under the leadership of Japan’s G7 Presidency, together with the international community, we have ensured that Ukraine has the budgetary support it needs for 2023 and early 2024,” the union said, adding it was “ready to support sustainable and resilient recovery and the environment.” Reconstruction of Ukraine, including by sharing our experiences, knowledge and expertise in humanitarian demining and war-related debris and pollution management.”
The International Monetary Fund last month gave Ukraine a $15.6 billion loan as part of a $115 billion package to boost its economy.
“We are committed to meeting Ukraine’s recovery needs. We will continue our joint efforts to help repair their critical infrastructure, rebuild and rebuild Ukraine,” the G-7 said on Friday.
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The G-7 added that it had “dramatically reduced” its dependence on Russia’s energy supplies and raw materials.
“We are determined to continue on this path so that Russia is no longer able to use energy as a weapon against us,” the statement said. “We will continue to reduce dependence on civil nuclear and related goods from Russia and will also work to support countries wishing to diversify their supplies,” it said.
Forbidden Diamonds
These developments came as the UK separately imposed further sanctions on Russia under a law due to be introduced later this year.
“Britain today announces an export ban on Russian diamonds, an industry expected to export $4 billion in 2021, as well as imports of Russian-origin copper, aluminum and nickel,” Prime Minister Rishi Sunak’s office said in a press release dated Friday.
British Prime Minister Rishi Sunak talks to political journalists aboard a government plane en route to Japan to attend the Group of Seven summit in Hiroshima May 17, 2023.
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“As today’s sanctions announcements show, the G7 remain united in the face of the Russian threat and stand firm in support of Ukraine,” Sunak said.
The G-7 announced intentions to restrict trade in diamonds of Russian origin.
“In order to reduce the revenue Russia generates from diamond exports, we will continue to work closely to restrict the trade in and use of diamonds mined, processed or produced in Russia, and work with key partners to achieve effective… Ensuring implementation of future coordinated restrictive measures, including through tracing technologies,” the group said.
“Minimal Impact”
However, according to Robert Orttung, a research professor of international affairs at George Washington University, the extra effort to squeeze the Russian economy is unlikely to have a significant impact.
“The new restrictive sanctions against Russia will have minimal impact on world trade. None of these measures are likely to persuade Russia to end its war against Ukraine, as Putin is fully committed to it and the sanctions will not affect Russia’s ability to act on a day-to-day basis,” he said in an email.
“With China and India not participating in the sanctions, Russia still has many trading partners,” he added.
Ortung pointed out that the measures to increase economic pressure on Russia, combined with large-scale military aid to Ukraine, are of symbolic importance.
“The most helpful outcome for world trade will be an end to the war that will stop Russia from further aggression,” he said.
“Anything the West can do to increase Ukraine’s combat capability and weaken Russia will bring us closer to that goal.”
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