G7 weighs new sanctions on Russia to end Ukraine war
Al JazeeraExisting sanctions are some of the toughest ever imposed on a major economy, but there is still room to increase pressure. “The most important areas include oil and energy more broadly, non-energy trade sanctions and closing loopholes in this area, and technology sanctions.” A key focus of the G7 members – the United States, Canada, Japan, the United Kingdom, France, Germany and Italy – is expected to be enhancing the enforcement of existing sanctions, including clamping down on sanctions evasion involving third countries. The EU, which participates in G7 events as a “non-enumerated” member, is considering penalties for companies that help Russia get around sanctions, which would bring the bloc closer into alignment with the US sanctions regime. Instead of lowering the oil price cap, the G7 will focus on tightening the effective implementation of this measure.” But Demarais, who is also the author of Backfire: How Sanctions Reshape the World Against US Interests, said it is unclear if the G7 will be able to effectively plug the loopholes “given the scope of the problem and the creativity of the Kremlin to bypass sanctions”. Russia has been sanction-proofing the economy since this, developing domestic food chains, moving currency reserves into yuan, etc.” “The application of sanctions and the threat of more has not dissuaded Putin from continuing this war,” Ironside added, “and at this point, I think it’s safe to say they won’t.” But Rachel, the Russian sanctions group member at Stanford University, said sanctions were already affecting Russia’s military campaign and the G7 must step up efforts to support Ukraine and weaken the Russian state.
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