The G7 countries want to hold Russia accountable. The US government is now announcing an increase in sanctions. However, there is still no breakthrough on one important point.
According to the US government, the USA and the other G7 countries want to impose further punitive measures against Moscow because of the Russian war of aggression against Ukraine.
The measures were aimed, among other things, against military production and supply chains, the White House announced on Monday at the G7 summit in Bavaria. In coordination with the G7 countries, the USA would impose sanctions on hundreds of other people and institutions and levy punitive tariffs on numerous Russian products.
On the second day of the G7 summit at Schloss Elmau on Monday, Ukrainian President Volodymyr Zelenskyj wanted to address the heads of state and government of the major industrialized countries. The 44-year-old should be connected to the consultations via video in the morning. The G7 countries have expanded sanctions against Russia after the attack on Ukraine a good four months ago. US President Joe Biden announced on Sunday that the G7 countries would impose a ban on imports of gold from Russia.
Still in talks about a price cap for Russian oil
A senior US official made it clear that the US proposal for a price cap on Russian oil has yet to see a breakthrough at the summit. The government representative said that talks are still being held with other G7 partners. However, one is on the verge of instructing the responsible ministers to develop appropriate mechanisms. The US proposal envisages forcing Russia to sell oil to large buyers such as India at a significantly lower price in the future.
The White House said Monday G7 leaders would coordinate and expand their sanctions to further restrict Russia’s access to critical materials, services and technology from their economies. US sanctions against the Russian armaments sector would be expanded. This is intended to limit Russia’s ability to “replace military equipment it has already lost in its brutal war against Ukraine.”
The statement also said that the USA would levy punitive tariffs on more than 570 Russian product groups with a volume of around 2.3 billion dollars. Biden and other G7 leaders would seek to use proceeds from punitive tariffs on Russian goods to support Ukraine. This is intended to ensure “that Russia pays for the costs of its war”.
Entry bans against 500 government officials
The White House also announced that G7 leaders would adopt sanctions against those responsible for human rights abuses such as war crimes. The US State Department will impose travel bans on around 500 government officials “for threatening or violating Ukraine’s sovereignty, territorial integrity or political independence or for suppressing dissent in Russia.”
According to the US administration, the G7 will also commit to helping Ukraine cover its short-term budget deficits. The USA would pledge 7.5 billion dollars from the aid package decided by the US Congress. The G7 leaders pledged to provide Ukraine with financial, humanitarian, military and diplomatic support “as long as it is needed”. This commitment also includes the provision of modern weapon systems.
The summit of the seven important democratic industrialized countries began on Sunday afternoon and will last until Tuesday. In addition to Germany, the group of seven includes the USA, Canada, Great Britain, France, Italy and Japan.