US, G7 to unveil new economic sanctions targeting Russia on Ukraine

HIROSHIMA, Japan, May 19 (Reuters) – The United States and the “Group of Seven” major economies will unveil new sanctions and export restrictions targeting Russia’s war on Ukraine, a U.S. official said. Japan.

G7 leaders gathered in Hiroshima on Friday with the invasion of Ukraine, now in its second year, high on the agenda. The United States has advanced tough economic sanctions against Russian companies, banks and individuals, and the upcoming announcement is designed to reaffirm the resolve of world powers to support Ukraine and pressure Moscow.

Speaking to reporters Thursday ahead of the meeting, a U.S. official said the G7’s latest efforts are aimed at disrupting Russia’s ability to get supplies to the battlefield, closing loopholes used to circumvent sanctions and further undermining international confidence in Russian energy. Moscow’s access to the international financial system is narrow.

“Our commitment to continuing to tighten the screws on Russia remains as strong as last year,” the official said.

The United States and its allies, including the European Union and Britain, have continued to increase economic sanctions and export-control pressure on Russia since the February 2022 invasion of Ukraine. President Vladimir Putin, the financial sector and oligarchs.

Washington has cracked down on sanctions evasion over the past few months – focusing more on dual-use goods that have both commercial and military applications.

See also  A rebound in U.S. regional bank stocks lifted Wall Street stocks

The latest set of U.S. sanctions includes “extensive restrictions on a variety of wartime critical goods” and would prevent U.S. exports from receiving U.S. exports by adding about 70 companies from Russia and third countries to the U.S. Commerce Department’s blacklist.

In addition, the United States will announce about 300 new sanctions against “financial facilitators,” individuals, companies, ships and aircraft across Europe, the Middle East and Asia that support Russia’s future energy extraction capabilities and war.

US sanctions powers will be extended to many sectors of the Russian economy.

The US official said Washington would take significant steps to align its activities more closely with the EU and Britain to ensure the G7 is as coordinated as possible in response to “Russia’s brutal actions”.

Reporting by Jeff Mason and Trevor Hunnicutt in Hiroshima, Japan; Additional reporting by Daphne Saletakis and Susan Hevey in Washington; Editing by Heather Timmons and Mark Heinrich

Our Standards: Thomson Reuters Trust Principles.

Jeff Mason

Thomson Reuters

Jeff Mason is a White House correspondent for Reuters. He has covered the presidencies of Barack Obama, Donald Trump, and Joe Biden, as well as the presidential campaigns of Biden, Trump, Obama, Hillary Clinton, and John McCain. He served as president of the White House Correspondents’ Association in 2016-2017, leading the press group in advocating for press freedom in the early days of the Trump administration. His and the WHCA’s work has been recognized by Deutsche Welle’s “Freedom of Speech Award”. Jeff has asked pointed questions of domestic and foreign leaders, including Russian President Vladimir Putin and North Korea’s Kim Jong Un. He is the winner of the WHCA’s “Outstanding News Coverage under Deadline Pressure” award and co-winner of the Association for Business Journalists’ “Breaking News” award. Jeff began his career in Frankfurt, Germany before being posted. Brussels, Belgium, where he covers the European Union. Jeff appears regularly on television and radio and teaches political journalism at Georgetown University. He is a graduate of Northwestern University’s Middle School of Journalism and a former Fulbright Scholar.

See also  Ukraine war: Kiev hit by 'exceptionally dense' missile and drone attacks

Leave a Reply

Your email address will not be published. Required fields are marked *