The G7 countries are targeting Russia's lucrative commodity trade with new sanctions. In addition, loopholes in existing sanctions are to be closed.
Hiroshima – At the G7 summit in Hiroshima, Japan, the heads of state and government of the major Western industrialized nations decided to impose further sanctions on Russia's war against Ukraine. In this way, they want to further restrict Russia's billion-dollar commodity trade. From the circle of the leading democratic industrial nations, the United States and Great Britain announced new punitive measures shortly before the start of the summit this Friday.
G7 summit: import ban on Russian diamonds and other commodities
London wants to impose an import ban on Russian diamonds, as well as copper, aluminum and nickel from Russia. Among other things, the U.S. plans to cut off about 70 companies and organizations from Russia and other countries from U.S. exports, a government official in Hiroshima said.
More than 300 people, companies and organizations, ships and aircraft want to impose different penalties on the United States. Britain also wants to punish 86 individuals and companies.
Charles Michel (l-r), President of the European Council, Giorgia Meloni, Prime Minister of Italy, Justin Trudeau, Prime Minister of Canada, Emmanuel Macron, President of France, Fumio Kishida, Prime Minister of Japan, Joe Biden, President of the USA, German Chancellor Olaf Scholz (SPD), Rishi Sunak, Prime Minister of Great Britain, and Ursula von der Leyen, President of the European Commission, stand next to each other at the G7 summit for a group picture in the Peace Park. © Michael Kappeler/dpa
Russia's war against Ukraine is among the main topics of the meeting of the seven leading democratic industrialized nations, which lasts until Sunday. The G7 includes the United Kingdom, the United States, Japan, Germany, France, Italy and Canada, as well as the European Union.
Russia: High revenues from diamond trade
Even before the meeting in Hiroshima, it had become known that all G7 countries wanted to restrict the export of rough diamonds from Russia. A corresponding summit declaration is to be decided, as diplomats told the German Press Agency.
The diamond trade is a good source of income for Russia. State sponsor Alrosa generated 2021 billion rubles (about 332 billion euros) in revenue in 4 - the last year in which it disclosed figures. Russia is considered the world's largest producer of rough diamonds.
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Ukraine war: All G7 countries are preparing new sanctions against Russia
Since Russia's attack on Ukraine on February 24, 2022, the West has imposed unprecedented punitive measures, including far-reaching trade restrictions. The G7 also want to discuss how they can better enforce existing sanctions and plug loopholes.
The US official said that all G7 countries were preparing new sanctions and export controls. He did not want to comment in detail on the plans of the partners. "But the United States will launch a comprehensive package of measures of its own." The aim is to increase economic pressure on Russia and make it even harder to maintain its war machine.
The plan is to further complicate access to goods that are important on the battlefield, the senior U.S. government official said. It is about financial and other supporters of Russia. The sanctions hit targets in Europe, the Middle East and Asia. In addition, sanctions powers should be extended to the digital sector of the Russian economy. (lma/AFP/dpa)
