US to announce 'significant' new Russia sanctions at G7

By Al Mayadeen English
Source: Agencies
19 May 2023 00:21

A senior US administration official promises "a significant effort that will extensively restrict Russia's access to goods that matter for its battlefield capabilities."

US President Joe Biden and Japanese Prime Minister Fumio Kishida during a bilateral meeting ahead of the G7 leaders summit in Hiroshima, on May 18, 2023 (Reuters)

The United States eyes "significant" new sanctions targeting Russia on Friday, as President Joe Biden meets with fellow G7 leaders in Japan.

G7 leaders are reportedly 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.

A senior US administration official promised "a significant effort that will extensively restrict Russia's access to goods that matter for its battlefield capabilities."

"It will cut off roughly 70 entities from Russia and other countries from receiving US exports by adding them to the Commerce blacklist. And there will be upwards of 300 new sanctions against individuals, entities, vessels and aircraft," the official said.

Other G7 members are also planning to "implement new sanctions and export controls," he added.

The bloc intends to impede alleged Russian weapons supplies, narrow evasion loopholes, and cut reliance on Russian energy even further, he added.

The official stressed that the summit will also continue to restrict Moscow's access to the international financial system and commit to freezing Russian assets until the Ukraine war is over.

A European Union official indicated on Thursday that one potential subject for discussion was Russia's multibillion-dollar diamond business.

"We believe we need to limit exports from Russian trade in this sector," the official said, stressing that Indian buy-in would be critical to making any new measures work.

It is worth noting that India accounts for a significant percentage of the world's rough diamond commerce.

"We would like to engage in a dialogue with them, because the diamond industry is quite important in India," the official said.

Russia is not the only country discussed at the G7 in terms of eyed sanctions.

Earlier today, the Islamic Republic urged the financial leaders of the G7 countries to halt their role in unlawful US sanctions rather than making "baseless" claims against the Islamic Republic.

Kanaani demanded that the tiny number of nations "that are trying to impose their wishes" on others "stop their deplorable practice of accompanying and appeasing the illegal US sanctions against the great Iranian nation, which violate the fundamental principles of international law and human rights."

The spokesperson went on to say that the G7 members should be held accountable for severe violations of international law, rather than condoning and being complicit in "unilateral and unfair positions" against the Iranian people.