G7 countries step up sanctions against Russia / Article

“We will continue to provide financial, humanitarian, military and diplomatic assistance to Ukraine, supporting it for as long as necessary,” the G7 leaders said in a joint statement.

“We condemn and will not acknowledge Russia’s attempts to force the demarcation of its borders,” the statement said.

Demands the lifting of the blockade of Ukrainian ports

The G7 demands that Russia immediately lift the blockade of Black Sea ports and allow Ukraine to export its agricultural products freely.

The Big Seven (G7)

The G7 is an association of seven wealthy, industrialized nations. It includes the United States, Japan, Canada, the United Kingdom, Germany, France and Italy. Russia was once admitted to the organization and was known as the “Big Eight”, but in 2014, after the annexation of Crimea, Russia was expelled from the G8.

G7 leaders are also demanding that Ukrainian citizens who have been taken to Russia against their will be given the opportunity to return home immediately.

The statement also promised to support the Russian people (human rights defenders, independent journalists, opposition activists, etc.) who have suffered from the repression of the Putin regime.

Representatives of the US government point out that Russian imports could fall by almost 40% as a result of international sanctions; many Russian factories are having difficulty continuing production.

The G7 will tighten sanctions against Russia

The new sanctions are expected to target Russia’s military-industrial complex, making it even more difficult to produce weapons and access modern technology.

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It intends to restrict sales of Russian gold

The G7 will also make it harder for Russia to export goods by imposing additional tariffs. Russia’s access to finance will also be hampered, for example by restricting Russian gold sales on the world market.

The White House has announced that G7 leaders will coordinate and extend targeted sanctions to further restrict Russia’s access to Western technologies that could support Russia’s arms industry. The United States will also aggressively target Russia’s defense supply chains and limit Russia’s ability to replace military equipment it has already lost during the brutal war.

A senior US official has also mentioned that US President Joe Biden and G7 leaders have agreed that the money collected from the higher trade tariffs imposed on Russian exports should be transferred as aid to Ukraine.

Zelensky calls for speeding up arms deliveries

On Monday, the participants of the meeting were addressed by the President of Ukraine Volodymyr Zelensky, repeatedly calling for the intensification of arms supplies to Ukraine.

Zelensky expressed hope that the war against Russia could end by the beginning of winter.

G7 leaders meet in Germany, remotely addressed by Ukrainian President Volodymyr Zelensky

Photo: EPA

Zelensky has called for an agreement on a maximum price for Russian oil imports. According to the representative of the US President Jake Sullivan, the leaders of the great powers are close to reaching an agreement on this issue.

Zelensky stressed in his speech every night after the Russian missile strikes in Kiev on Sunday that Ukraine needs a powerful air defense that is modern and fully effective.

Some agreements have already been reached and the partners need to act faster if they are really partners rather than observers, he said.

“These attacks are aimed at creating an escalation every time there is an international event. And at the same time they are about determination. For example, the fact that the G7 leaders gathering in Germany today for the summit have enough common potential to stop Russia’s aggression against Ukraine and Europe as a whole is possible.

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Fatigue must not be allowed

According to CNN, the United States plans to announce this week that it has acquired an advanced medium- to long-range surface-to-air missile defense system for Ukraine.

Other types of military assistance, including additional artillery ammunition and anti-battery radars, are likely to be announced this week in response to Ukraine’s requests.

The British Prime Minister Boris Johnson warned his colleagues not to give in to “fatigue” and said that Ukraine would need long-term help.

Johnson is expected to call for “urgent action” on Monday to re-launch Ukraine’s important grain exports, which have been blocked by Russia’s blockade of major ports. Johnson has also promised further financial support for Ukraine, including another $ 525 million in guarantees for World Bank loans.

A meeting of the leaders of the enlarged G20 group is also scheduled for the second half of the year, and the President of Indonesia has also invited Russian President Vladimir Putin to the meeting. Russia has already shown interest in participating in these talks. German Chancellor Olaf Scholz, meanwhile, said he could attend the summit even despite Putin’s possible presence.

Competition with China

Even before the end of the G7 summit, it was announced that the G7 would organize $ 600 billion worth of investment in infrastructure projects in poor countries in an attempt to counterbalance China’s “One Belt, One Way” project.

Unlike China’s “One Belt, One Road” project, the G7 aims to use more private rather than public money.

Although the obvious goals of the US-led initiative are projects in Africa, South America and much of Asia, the consequences of Russia’s devastating invasion of Ukraine mean that “even places in Eastern Europe” could be involved, an official told reporters.

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G7 leaders will not only talk about the consequences and challenges of Russia’s extended war. Central bankers and economists will gather at an annual forum in southern Portugal on Monday night to discuss the best approach to inflation challenges exacerbated by Russia’s repeated invasion of Ukraine.

Around 200 delegates will attend the European Central Bank’s forum in person after two years of virtual meetings following the Covid-19 pandemic.

CONTEXT:

On February 24, Russian President Vladimir Putin ordered to start Russian troops invade Ukraine. Putin claimed that NATO was going to use Ukraine as a bridgehead for aggression against Russia, although there was no evidence of these allegations. Ukraine believes that Putin’s real goal is to destroy Ukraine’s statehood and bring the territory under Moscow’s control.

Russia’s aggression against Ukraine has provoked a general one condemnation of the international communityagainst Russia is new sanctions have been introduced. Many Western companies have decided to leave the Russian market.

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