G-7 issues new sanctions against Russia for Ukraine

On Sunday, the leaders of the United States, the European Union and the Group of Seven unveiled a new series of sanctions against the Russian industrial sector, the state-controlled media and the Russian and Belarusian financial executives of major banks including Russia’s Gazprombank.

Even the G-7 countries – including Great Britain, France, Germany, Japan, Canada and Italy – have promised to phase out or ban the import of Russian oil, a move that European leaders have so far resisted but which is was last proposed by the European Union week. The United States has already banned the import of Russian oil, gas and coal following the Russian invasion of Ukraine which began in late February.

The announcement came when President Biden held virtual talks with G-7 leaders alongside Ukrainian President Volodymyr Zelensky on the eve of Russia’s Victory Day, which marked the defeat of Nazi Germany in 1945.

In a statement following the call, which lasted about an hour, G-7 leaders said they assured Zelensky “our full solidarity and support,” by pledging additional assistance since the war was over 24 billion dollars to help. 2022.

“In the coming weeks, we will strengthen our collective short-term financial support to help Ukraine fill financial gaps and provide basic services to its population, while also developing options – working with Ukrainian authorities and international financial institutions – to support long-term recovery and reconstruction “, reads the statement.

The latest sanctions also prohibit Western professional services groups, including international management consulting and accounting firms such as Deloitte, EY, KPMG and PwC, from doing business with any individual in the Russian Federation. US officials believe some of these groups have been asked to help Russian companies reformulate their business strategies to evade sanctions or hide their wealth, a senior administration official on anonymity told reporters to discuss the ad details. The ban, however, does not extend to legal services.

“We have chosen goods, services, technologies of which we, the Europeans, the G-7 and our Asian partners were the dominant suppliers and we don’t think Russia has many options other than trying to produce these goods and services domestically, which I think. it will be a very difficult task, “said the official.

In an effort to smooth out Russian Vladimir Putin’s war propaganda at home, the Biden administration is increasing sanctions against the country’s three largest TV stations, preventing Channel One Russia, Russia-1 and NTV Broadcasting Company from receiving advertising dollars. US, broadcast technology, video cameras, microphones and other equipment.

The administration is also extending export controls on wood products, industrial engines, bulldozers, boilers and other equipment in tandem with European chemicals controls to restrict Russia’s access to components needed to replenish military capabilities.

Promtekhnologiya, which produces rifles and weapons used during the invasion of Ukraine, seven shipping companies and one sea tug company were also hit with sanctions. The Nuclear Regulatory Commission also wants general licenses for the export of basic material, special material, by-product material and deuterium to Russia.

The United States is adding some 2,600 visa restrictions for Russian and Belarusian officials, as well as eight executives from Sberbank, Russia’s largest financial institution, and 27 executives from Gazprombank, which plays a key role in facilitating payments for Russian exports of oil and gas in Europe, and Moscow Industrial Bank and its 10 branches.

The official stressed that the sanctions extend only to the top executives of Gazprombank and do not represent a complete blockade on the Russian energy giant. The administration has been cautious about closing Gazprombank operations as Europe continues to import gas from Russia, the official added.

The announcement comes two days after Biden unveiled an additional $ 150 million weapons package that includes 25,000 155mm artillery rounds, counter-artillery radar and electronic jamming equipment. The president urged Congress to approve $ 33 billion in aid for Ukraine amid the ongoing onslaught of Russia as the remaining $ 250 million in the presidential pick-up authority dwindles.

The request for funding, more than double the $ 13.6 billion approved by lawmakers last month, signals a significant increase in the administration’s long-term commitment to support Ukraine.

G-7 leaders said they remained united in their determination to deny Putin a victory in Ukraine. “We owe it to the memory of all those who fought for freedom in World War II, to continue fighting for it today, for the Ukrainian people, Europe and the global community,” reads the G-7 statement.