The United States on Monday announced fresh G7 sanctions on Russia. These new sanctions are targeted at Russia’s defense industry. The aim appears to be slowing down the Russian war machine in Ukraine
“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 defense 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 finalize 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.
G7 leaders also agreed that money collected from higher trade tariffs imposed on Russian exports should be funneled as an aid to Ukraine. President Biden and the 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.
(With inputs from agencies)
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