As the conflict in Ukraine continues persisting to its second year, the group of seven G7 nations and the European Union are considering enhancing measures that would ensure that Russia is not able to get away from the imposed sanctions.
The anonymous Bloomberg individuals’ rumors about the proposals under discussion include the extension of restrictions implied by the renewed sanctions targets at the financial institutions of third countries that use the SWIFT-like system to avoid restrictions in their deals with Russia.
Discussions are underway in preparation for the G7 summit scheduled in Italy next month. At this summit, leaders of major economies reportedly plan to step up measures to enhance the efficacy of sanctions on Russia. The general concern about denying Russia access to key technologies critical in modern warfare has remained a long-standing agenda of the G7 powers.
However, Russia has been able to go around these bans easily by using transit countries such as China, Turkey, United Arab Emirates, and the Central Asian nations; many rely on the prohibited products via a network of other countries.
On a similar note, to continue their fight against Russia over Ukraine, the United States and the rest of the G7 seven greatest world economies are preparing to announce new sanctions and export restrictions, which a high-ranking U.S. official shared prior to the G7 summit in Hiroshima, Japan.
