On May 19, the leaders of the G7 countries decided on further sanctions that, in their words, would “starve Russia of G7 technology, industrial equipment, and services that support its war machine.”
The Sanctions
On Friday, the G7 nations proposed further sanctions against Russia, including steps to deprive Moscow of industrial and technological equipment. This development may influence India’s efforts to establish a G20 consensus on the highly divisive topic of the invasion of Ukraine.
In a joint statement following their meeting, the leaders of Japan, Canada, France, Germany, Italy, the UK, the US, and the European Union (EU) announced that they were “imposing further sanctions and measures to increase the costs to Russia and those who are supporting its war effort.”
The UK And US Decisions
An anonymous source revealed that the US would penalize more than 300 people, entities, planes, and boats in addition to blacklisting 70 Russian and foreign companies involved in Russia’s defense industry.
As per BBC reports, Prime Minister Rishi Sunak said on Twitter that the UK would prohibit all imports of Russian copper, aluminum, nickel, and diamonds. At the same time, Charles Michel, president of the European Council, told reporters that the 27-member EU is eliminating loopholes and intends to limit trade in Russian diamonds.
India has had trouble reaching an agreement on the subject of Russia’s invasion of Ukraine ever since it took on the G20 leadership. In the joint declaration released at the G20 Summit in Indonesia last year, material referring to the Ukraine conflict was avoided by both China and Russia.
The G20 foreign and finance ministers’ meetings, which were hosted by India this year, concluded without agreement on the final papers because of disagreements over how to refer to the conflict in Ukraine.
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