HomeBusinessMore sanctions likely to be imposed on Russia Service GeoTv News

More sanctions likely to be imposed on Russia Service GeoTv News

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In Hiroshima, the world’s seven major economies, collectively known as the G7 countries, are convening for a three-day meeting starting on May 19, with a focus on addressing the ongoing conflict between Russia and Ukraine. With mounting pressure to end Russia’s aggression, there is strong speculation that the G7 will implement further sanctions against Russia.

Comprising the United States, the United Kingdom, Canada, France, Germany, Italy, and Japan, the G7 has already enforced stringent sanctions against Russia, particularly in the oil and energy sectors. However, experts suggest that additional measures will be introduced during the upcoming meeting.

Reports indicate that the European Union is contemplating penalties for companies aiding Russia in circumventing existing sanctions. EU policy chief Joseph Borrell suggested imposing restrictions on imports of Indian oil products derived from Russian oil.

Furthermore, the Biden administration is exploring avenues to enhance controls on high-tech exports. Despite prior sanctions, the Russian economy experienced only a modest 2.1 percent contraction in 2022, prompting calls for more effective measures.

Interestingly, while G7 discussions include the possibility of permanently closing the gas pipeline that Russia shut down following the conflict, European G7 members express reluctance towards such drastic action. Moreover, despite nominal trade with G7 countries, Russia’s exports to China, India, and Turkey have surged, indicating limited impact from Western sanctions.

Reports also indicate differences within the G7 regarding the severity of sanctions against Russia, underscoring the complexity of consensus-building on this issue.

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