Leaders of the Group of Seven have committed to a set of further measures to pressure Russia, as its invasion of Ukraine continues for a second year.
“We are imposing further sanctions and measures to increase the costs to Russia and those who are supporting its war effort,” the group said.
G-7 leaders are in Hiroshima, Japan, for a three-day meeting to discuss international trade and security, as Russia continues its war in Ukraine, while the U.S. and China battle for influence in a multipolar world.
“We will starve Russia of G-7 technology, industrial equipment, and services that support its war machine,” the group said in a statement released late Friday, which also revealed its economic support for Ukraine’s recovery following the war.
The newly announced sanctions build on previous measures and will be broadened 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,” the G-7 said in its statement.
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The restrictions were announced as Ukrainian President Volodymyr Zelenskyy is expected to fly to Japan to attend the G-7 summit.
The group added,”We reaffirm our strong commitment to ensuring that Ukraine has the economic support it needs. Under the leadership of Japan’s G7 Presidency, together with the international community, we have ensured Ukraine has the budget support it needs for 2023 and early 2024. We welcome the approval of the International Monetary Fund’s (IMF) Extended Fund Facility (EFF) and look forward to the swift implementation of Ukraine’s reforms supported by the program. The programme will help to stabilize Ukraine’s macroeconomic and financial situation, contribute to longer-term economic sustainability, and help to catalyze further financial support from other countries and institutions as well as the private sector.”