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G7 to review comprehensive export sanctions against Russia

G7 to review comprehensive export sanctions against Russia

Posted April. 22, 2023 08:09,   

Updated April. 22, 2023 08:09


Bloomberg and Kyodo News reported Friday that the Group of Seven (G7) nations are weighing the possibility of implementing near-total export sanctions against Russia following its invasion of Ukraine. Japan, which is presiding over the G7 for this year, is spearheading the discussions with other member states ahead of the upcoming Summit meeting scheduled in Hiroshima on May 19.

Following Russia's invasion of Ukraine in February 2022, the G7 leaders and EU have already imposed bans on exports of hundreds of state-of-the-art products and industrial devices that can be utilized for military purposes, including luxury watches and high-end vehicles. Currently, the G7 is discussing the possibility of implementing a complete export ban on Russia. Sources in the Japanese government indicate that member states are considering near-total economic sanctions against Russia, with only a few exceptions for humanitarian items such as medical and agricultural products.

The purpose of the upcoming G7 Summit meeting is reportedly to encourage not only G7 nations but also EU member states to join in implementing the proposed sanctions. However, the outcome may be subject to change as countries are still negotiating the detailed terms under varying circumstances.

Bloomberg has predicted a potential obstacle to implementing the proposed trade restrictions. It is expected that the adoption of these measures by all members would be required for them to enter into force. However, there are concerns among some EU members about possible retaliation from Russia, as well as opposition from local exporters who maintain ties with Russia.