On Friday, the leaders of the richest democracies in the world decided to impose tougher sanctions on Russia and promised to provide financial aid to Ukraine in its struggle against the Russian invasion. The countries includes representation from Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.
The statement from the Group of Seven leaders is summarised in the sections below.
Newly imposed sanctions
“We will broaden our actions to ensure that exports of all items critical to Russia’s aggression including those used by Russia on the battlefield are restricted across all our jurisdictions, including exports of industrial machinery, tools, and other technology that Russia uses to rebuild its war machine.”
“We will further target those operating in these key sectors, such as manufacturing, construction, and transportation as well as business services.”
“We will further prevent the evasion and circumvention of our measures against Russia, including targeting entities transporting material to the front.”
Elimination of third party involvement
“We will reinforce our coordination to prevent and respond to third parties supplying weapons to Russia and continue to take actions against third-country actors who materially support Russia’s war.”
“We are taking steps to further reduce avenues for Russia to circumvent our financial measures including by preventing third-country branches of Russian banks from being used to avoid sanctions.”
Energy and miscellaneous
“We will continue to reduce Russia’s revenue to finance its illegal aggression by taking appropriate steps to limit Russia’s energy revenue and future extractive capabilities, building on the measures we have taken so far, including export bans and the price cap for sea-borne Russian-origin crude oil and refined oil products.”
“We will further reduce reliance on civil nuclear and related goods from Russia, including working to assist countries seeking to diversify their supplies.”
“We will also continue efforts to reduce Russia’s revenue from metals.”
