Bloomberg: G7 countries discuss ban on exports to Russia

Some of Ukraine’s key partners, including the United States, are considering an embargo on most exports to Russia, further pressuring Vladimir Putin’s ability to wage a war of aggression in Ukraine, the agency writes. Bloomberg.

Biden and Putin with their representatives in GenevaPhoto: Mikhail Metzel / TASS / Profimedia Images

Officials from the G7 (Canada, France, Germany, Italy, Japan, Britain and the United States) are discussing the idea ahead of a leaders’ summit in Japan in May, according to multiple sources familiar with the situation who will say what the target is. Member States of the European Union should also be included in the plan.

According to Bloomberg’s sources, the proposal is still in the discussion stage and could change. But the approach currently being discussed would completely reverse the current sanctions against Russia, banning all exports to Russia except where exemptions are granted.

Current criteria allow exports to Russia, except those subject to sanctions.

If an agreement is reached in this regard, exports that would be exempted from sanctions would mostly be pharmaceuticals, food and agricultural products, one of the sources said.

But there are serious hurdles in the way of the project, the biggest of which is getting the EU’s agreement.

Western sanctions have almost halved exports to Russia

To take effect in the EU, the new criteria must be adopted by all member states, sparking deep discontent in some countries, pressure from companies that still have important economic ties to Moscow, and concerns about a reaction from the Kremlin.

A semi-total ban on exports to Putin’s country would evaporate most trade flows between participating countries and Russia.

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So far the sanctions have almost halved the value of EU and G7 exports to Russia, targeting a wide range of goods from electronics to luxury goods. But $66 billion worth of goods still arrive in Russia from Europe, the United States, Canada and Japan.

Earlier in April the G7 countries announced new economic sanctions against Russia, including a ban on all new investment in key sectors in response to the “continued escalation of hostilities”.

“We are banning new investments in key industries of the Russian economy, including the energy sector,” the G7 powers indicated in a press release issued on April 7, and announced “additional sanctions against the Russian defense sector” and “high qualifications and against them”. Relatives ” support Russian President Vladimir Putin’s war against Ukraine.

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