In a significant display of solidarity, leaders from the Group of Seven (G7) nations have come together to impose new sanctions on Russia, intensifying the pressure on Moscow amidst its ongoing invasion of Ukraine. The United States, Britain, and the European Union had already announced their individual measures, and now the G7 has collectively vowed to restrict Russia’s access to the economies of its member nations. During their meeting in Hiroshima, Japan, the G7 leaders issued a joint statement outlining their intentions to expand the scope of existing sanctions, specifically targeting exports that support Russia’s aggressive actions. They expressed their determination to curb Russia’s access to G7 technology, industrial equipment, and services crucial for its war machinery.
The G7 bloc consists of the United States, Britain, Japan, Canada, Germany, France, Italy, and the European Union. The leaders also emphasized their commitment to preventing any circumvention of the existing sanctions regime, including taking action against entities involved in transporting supplies to the frontlines. The United States revealed that it would add 70 additional entities from Russia and other countries to its own blacklist. Britain, on the other hand, unveiled a ban on the import of diamonds, copper, aluminum, and nickel from Russia. This move particularly affects Russia’s substantial annual trade of diamonds, valued at $4-5 billion. The G7 statement further pledged to restrict trade in diamonds mined, processed, or produced in Russia, employing tracing technologies to ensure compliance.
It is worth noting that Indian Prime Minister Narendra Modi will be attending the G7 talks over the weekend. India, along with the United Arab Emirates and Belgium, is one of the major purchasers of Russian diamonds. Consequently, Belgium, as an EU member, is set to be significantly affected by the restrictions on diamond trade. The G7’s united front and the imposition of stricter sanctions reflect a strong international response to Russia’s actions in Ukraine. By cutting off vital supplies and technologies, the G7 aims to undermine Russia’s ability to sustain its war efforts and send a clear message that further aggression will not be tolerated.