G7 Leaders Set to Impose Strong Sanctions on Russia

G7 countries will take comparable actions to further isolate Russia and limit its capacity to conduct war in Ukraine

(Photo credit: AP)

The first full day of the Group of Seven summit was scheduled to be mostly devoted by international leaders to devising additional sanctions against Russia for its 15-month invasion of Ukraine.

Along with North Korea’s months-long bombardment of missile tests and China’s fast-growing nuclear arsenal, Russian President Vladimir Putin‘s nuclear threats against Ukraine have resonated with Japan’s drive to make nuclear disarmament a key component of the summit. 

On Friday, world leaders paid a visit to a park set aside as a memorial to the tens of thousands of people who perished when the first atomic bomb was detonated during a war.

A fresh set of sanctions against Moscow was to be presented after group photographs and a symbolic tree planting, with an emphasis on stepping up enforcement of current penalties intended to impede Russia’s war effort and hold those responsible accountable, a U.S. official said. Russia is now the nation with the most sanctions, although the efficiency of the monetary fines is under debate.

READ ALSO:G7 Addresses Bank Security and Supply Chains; China Criticizes

(Photo credit: AP)

The G7 will also make an effort to explain the significance of sanctions enforcement to visiting leaders from non-member nations.

Under the condition of anonymity in order to provide a sneak peek at the announcement, the U.S. official stated that the sanctions will target more than 300 people, organisations, vehicles, and planes in addition to blacklisting around 70 Russian and foreign companies that participate in Russia’s defence industry.

The source continued by saying that the other G7 countries will take comparable actions to further isolate Russia and limit its capacity to conduct war in Ukraine. Over the course of the weekend meeting, more information would be revealed.

According to Charles Michel, president of the European Council, the European Union was concentrating on narrowing gaps and limiting commerce in Russian diamonds.

He said that the G7 will also make an effort to explain the significance of sanctions enforcement to visiting leaders from non-member nations.

(Photo credit: AP)

Nuclear disarmament should be a significant topic of discussion during the summit, according to Japanese Prime Minister Fumio Kishida, who is the representative of Hiroshima in parliament. He will formally open the conference at Hiroshima’s Peace Memorial Park. 

The summit began with a dramatic sight of world leaders visiting a park dedicated to preserving mementos of August 6, 1945, when a U.S. B-29 dropped an atomic bomb over Hiroshima. Since an estimated 140,000 people were killed, Hiroshima has come to represent anti-nuclear peace efforts, thanks in large part to the rapidly declining number of elderly survivors.

G7 countries will take comparable actions to further isolate Russia and limit its capacity to conduct war in Ukraine.

The source continued by saying that the other G7 countries will take comparable actions to further isolate Russia and limit its capacity to conduct war in Ukraine. Over the course of the weekend meeting, more information would be revealed.

After President Joe Biden arrived at a neighbouring military installation on Thursday night, Kishida and Biden met to begin their international diplomacy. Prior to the start of the three-day summit of leaders, Kishida also spoke with the British Prime Minister Rishi Sunak.

The partnership between the United States and Japan is the “very foundation of peace and security in the Indo-Pacific region,” Kishida said Biden in his opening statement. Japan has been building up its military in response to challenges from authoritarian China, Russia, and North Korea, but it also depends on the 50,000 American soldiers who are stationed there and the American military’s power.

(Photo credit: AP)

Moscow launched another aircraft assault on Kyiv while G7 participants were travelling to Hiroshima. After weeks of relative calm, loud explosions rumbled across Kyiv in the early hours, marking the ninth time this month that Russian air attacks have struck the capital.

Moscow launched another aircraft assault on Kyiv while G7 participants were travelling to Hiroshima.

The United States Treasury Department defended the $60 per barrel price restriction on Russian oil and diesel set by the Group of Seven nations collectively last year in a new status report, claiming that the cap has been successful in reducing Russian oil earnings. According to figures from the Russian Ministry of Finance, the Kremlin’s oil profits from January to March of this year were more than 40% lower than they were in 2017.

According to a recent Congressional Research Service report, the degree to which a targeted country may get around sanctions will primarily determine their economic impact. In order to pressure nations who still do business with the Kremlin, U.S. Treasury officials have been travelling around Europe and Central Asia over the past month.

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