G7 Announces New Sanctions Against Russia to Hamper Funding of War in Ukraine

The Group of Seven (G7) wealthy democracies have announced new sanctions against Russia at their recent summit in Japan, aimed at hampering Russia's ability to fund its war in Ukraine.[0] The UK Government has declared that it will ban Russian diamond and metal imports, including copper, aluminium and nickel, in support of Ukraine.[1] The US will also blacklist a further 70 entities that receive Russian exports, and expand existing sanctions to new sectors of the Russian economy.[2] However, G7 members, led by the EU, continue to export around $4.7bn a month to Russia, with the biggest export categories since March 2016 being pharmaceuticals, machinery, food, and chemicals.[3] The EU is considering formally banning Russian crude flows via the Druzhba pipeline to Germany and Poland and the G7 is considering proposals to permanently shut natural gas pipelines turned off by Russia following the invasion.[4]

0. “Rishi Sunak announces ban at G7 on Russian diamonds, copper, aluminium and nickel” Sky News, 18 May. 2023, https://news.sky.com/story/rishi-sunak-announces-ban-at-g7-on-russian-diamonds-copper-aluminium-and-nickel-12883673

1. “Leaders meet at Hiroshima G7 summit as Russian nuclear threat looms” The Jerusalem Post, 19 May. 2023, https://www.jpost.com/international/article-743571

2. “The G-7 is tightening up economic sanctions on Russia for its war on Ukraine” WBUR News, 18 May. 2023, https://www.wbur.org/npr/1176928031/g7-economic-sanctions-russia-war-ukraine-hiroshima-japan

3. “G7 to Increase Financial Pressure on Russia” Voice of America – VOA News, 19 May. 2023, https://www.voanews.com/a/g7-to-increase-financial-pressure-on-russia/7099592.html

4. “G7 weighs new sanctions on Russia to end Ukraine war” Al Jazeera English, 18 May. 2023, https://www.aljazeera.com/news/2023/5/18/g7-weighs-new-sanctions-on-russia-to-end-ukraine-war

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