Japan, EU reject US proposal for G7 to ban Russian exports
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G7 leaders are scheduled to convene in Japan on May 19 for three days to discuss updates on Russia and the war in Ukraine, environmental investments, economic security, and the Indo-Pacific region.
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G7, EU leaders on the first day of the G7 summit in Germany, on June 26, 2022. (AFP)
According to the Financial Times, Japan and the EU announced that they have rejected a US proposal as part of the statement being drafted for the upcoming G7 meeting, which entails banning all exports to Russia.
The statement, pertaining to the meeting in Hiroshima next month, includes a clause to remove the sanctions package against Russia and replace it with a complete export ban with only a few exceptions for agricultural, medical, and other selected products.
The proposal demonstrates the US' frustration with the existing loopholes permitting Russia to import Western technology, but Japanese and EU representatives deemed the move unfeasible.
“From our perspective, it is simply not doable,” said one of the anonymous officials briefed on the matter.
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In response, the White House stated it would “continue to look for ways to hold Russia accountable”, with Washington's National Security Advisor adding, “In coordination with our G7 partners, we have put in place the largest set of sanctions and export control actions ever imposed on a major economy... These actions have had a significant impact, undercutting Russia’s ability to fund and fight its unjust war.”
The G7 has recently accused Moscow of using food "as a means of destabilization and as a tool of geopolitical coercion" adding that they "will continue to design our restrictive measures against Russia to shield population in need from unintended consequences by ensuring food and fertilizers are carved out".
G7 leaders are scheduled to convene in Japan on May 19 for three days to discuss updates on Russia and the war in Ukraine, environmental investments, economic security, and the Indo-Pacific region.
The briefed officials claim that going ahead with a full export ban would potentially weaken the already-existing measures. Other proposals involve measures to limit the “evasion and circumvention” of sanctions and against those “wilfully supporting the financing of Russia’s war,” including those who facilitate financial transactions.
Russian energy and oil imports will also continue to be reduced by G7 countries and block “the reopening of avenues previously shut down by Russia’s weaponization of energy,” per the statement content.
Leaders will also announce intentions to bring in a “traceability mechanism” on Russian diamonds in an effort to hit Moscow's earnings.
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