U.S. ANNOUNCES FRESH G7 SANCTIONS AGAINST RUSSIA’S DEFENSE INDUSTRY

Mon 27 June 2022:

New G7 sanctions on Russia were announced by the United States on Monday, June 27. The Russian defense industry is the subject of these latest sanctions. Slowing down the Russian war machine in Ukraine appears to be the goal.

“G7 leaders will align and expand targeted sanctions to further restrict Russia’s access” to Western technology that can support the Russian arms industry, the White House said.

And the US will also “aggressively target Russian defence supply chains… and limit Russia’s ability to replace the military equipment it has already lost during its brutal war”.

News agency AFP quoted an unnamed American official to say that G7 nations have made progress in talks to set a price cap on Russian oil imports.

“We’re still in final discussions with other G7 counterparts working to finalise this, but we’re very close to a place where G7 leaders will have decided to urgently direct relevant ministers to develop mechanisms to set a global price cap for Russian oil,” the official said.

The goal of the plan is to starve the Kremlin of its “main source of cash and force down the price of Russian oil”.

In addition to this, G7 leaders have agreed that money from higher tariff imposed on Russian exports should be funnelled as Ukraine aid.

President Joe Biden and other G7 leaders “will seek authority to use revenues collected by any new tariffs on Russian goods to help Ukraine and to ensure that Russia pays for the cost of its war,” a senior US official said.

NEWS AGENCIES

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