Jakarta, IO – G7 member countries revealed plans to tighten sanctions against Russia during the Hiroshima summit on Friday (19/5). They are set to ban imports of Russian diamonds, in order to exert more pressure on Moscow.
In response to Russia’s 450-day invasion of Ukraine, the G7 will focus on enhancing enforcement of existing sanctions, including taking action against companies and third countries that help Russia evade sanctions. This is because the main goal of the G7 is to reduce international dependence on Russian energy commodities while simultaneously restricting Moscow’s access to the international financial system, reported France24, Friday (19/5).
As is widely known, the G7 is an international organization consisting of seven largest economies in the world, namely the US, UK, Canada, France, Germany, Italy and Japan.
Now, the G7, in partnership with the European Union, is said to be working on a strategy for implementing new sanctions in the form of a ban on the export of Russian natural resource commodities such as diamonds, copper, aluminum and nickel estimated to worth up to US$4 billion.
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According to British Prime Minister Rishi Sunak, new sanctions will begin to be implemented this weekend. The sanctions are expected to have a clear and progressive impact in reducing Putin’s war efforts.
“As today’s sanctions announcements demonstrate, the G7 remains united in the face of the threat from Russia and steadfast in our support for Ukraine,” said Sunak. (bp)