G7 members to stiffen sanctions against Russia, pledge financial support to Ukraine
Leaders of the world richest democracies agreed on Friday to stiffen sanctions against Russia and pledged financial support for Ukraine in its fight against Russia’s invasion.
Below are key extracts from the Group of Seven leaders’ statement.
NEW 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.”
PREVENTING CIRCUMVENTION
“We will further prevent the evasion and circumvention of our measures against Russia, including targeting entities transporting material to the front.”
“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 OTHER MATERIALS
“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.”