G7 to tighten sanctions on Russia

G7 countries may announce further restrictions on Russia's energy and export sectors at a summit in Japan this week, Reuters reported.

Reuters quoted a source familiar with the matter as saying that new measures will be put forward by G7 leaders at the meeting on May 19-21, targeting sanctions-evading activities involving third countries. They will also seek to reduce Russia's future energy production and curb trade activities that support the Russian military.

In addition, US officials also expect the G7 to agree to adjust its approach to sanctions. Currently, countries still export all goods to Russia unless they are explicitly banned.

However, the Biden administration has previously urged G7 allies to reverse this approach. The US wants to ban exports outright first, and then consider whether to grant exemptions. This approach is believed to make it harder for Russia to evade sanctions.

America’s allies have yet to agree to a broad ban. The European Union, for example, has its own approach and is also discussing an 11th package of sanctions against Russia, focusing on individuals and countries used to circumvent current trade restrictions.

"The 'ban everything and then make exceptions' approach does not fit our vision. We want to be precise and not have unwanted side effects," a top German official told Reuters.

The US therefore expects the G7 to at least apply it to areas sensitive to Russian military activity. Details are still being worked out. However, even if the G7 joint statement changes to allow the US approach, the ban is unlikely to take immediate effect or change Russia’s position.

The West is looking for new ways to tighten sanctions on Russia. They have restricted exports, tightened visas and capped oil prices. This is putting pressure on Russia, but it has not ended the Russia-Ukraine conflict.

Ukrainian President Volodymyr Zelenskiy will be in Europe this week to meet with Pope Francis and the leaders of France, Italy and Germany. He is also expected to address the G7 summit in Hiroshima this week.

Last month, former Russian President Dmitry Medvedev said that if the G7 banned exports to the country, Russia would end the Black Sea grain deal, which is an important export gateway for Ukraine. Post-war food security is also expected to be a major topic at the G7.

Ha Thu (according to Reuters)

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