The G7 summit, which begins this Friday in Hiroshima, Japan, will strike a new blow to punish Russia for the war in Ukraine. The United States and the rest of the advanced economies group will impose additional sanctions and export controls on Moscow, according to a senior US official from the Japanese city, who spoke to the press on condition that he wished to remain anonymous.
The main aim of the new measures is to strengthen the existing ones and make them more effective. According to the senior official, the intention is to “curtail Russia’s ability to procure materials for its war,” “close the previous loopholes to circumvent sanctions,” as well as limit other countries’ dependence on gas and Russian oil, as well as Moscow’s access to international financial systems.
The new round, which will be adopted during a three-day meeting of industrialized nations and invited countries in the first city to be hit by a nuclear bomb, is intended to increase pressure on the Kremlin and demonstrate the West’s determination and unity in its support. Ukraine, after fifteen months of war and when Kiev is preparing a major counter-offensive to regain the occupied territories.
Since the start of Russia’s invasion of the neighboring country in February 2022, Washington has spearheaded international efforts to punish Russian companies and individuals, including President Vladimir Putin and a host of regime-supporting oligarchs. Thousands of businesses and individuals have been affected by the harshest measures imposed on a major economy.
So far, however, these sanctions have not had the expected destructive effect on Russia’s economy, which shrank by just 2.1% last year. Although Europe reduced its energy consumption from its neighbors, other countries such as India or China stepped in to fill the gap left by the EU and buy the surplus. Meanwhile, complaints about violations of the measures from third countries such as Kazakhstan or the United Arab Emirates, which give important impetus to the economy of the former Soviet giant and supply it with vital materials such as electronic equipment, are piling up for Kremlin troops.
“All members of the G-7 are preparing to introduce new sanctions and export controls,” said the senior official, who declined to specify exactly what steps the rest of the group would take. “The United States will present a comprehensive set of measures of its own.”
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Among other things, he stressed, Washington would increase controls on its exports “to make it even more difficult for Russia to maintain its war machine.” These include restricting the categories of essential warfare materials and adding nearly 70 Russian and third-country companies to the US Commerce Department’s blacklists. These companies are not allowed to receive US exports.
To prevent circumventing measures, block Russia’s access to international financial markets and limit dependence on Russian energy, the United States will impose nearly 300 new sanctions on companies, individuals, ships and planes in Europe, the Middle East and Asia . “We will also extend our sanctions to sectors of the Russian economy that are vital to the military-industrial complex, and we will impose new bans to prevent Russia from benefiting from our services,” the source added.
The United States, which in recent months has placed increased emphasis in its own sanctions on the dual technology, which can be used for both civilian and military purposes, has increased pressure on its allies in recent weeks to comply to be monitored more closely.
“Our commitment to keep increasing the pressure on Russia remains as firm as it was last year,” the senior official said.
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