G7 leaders to up economic pressure on Russia with new rounds of sanctions

G7 leaders will announce a new round of tough economic sanctions against Russia on Friday in a bid to paralyze Vladimir Putin to end the war in Ukraine.

We are increasing economic pressure on Russia. We will continue to expand export controls to make it even more difficult for Russia to maintain its war machine, among other things,” a senior government official told reporters at a briefing from Hiroshima on Thursday evening.

The sanctions will try to tighten the screws of Moscow’s war effort, targeting Russia’s powerful energy sector and other exports that support Russia’s military.

The move comes amid reports that Ukrainian President Volodymyr Zelensky is considering a personal appearance at the gathering of world leaders. He has previously addressed such gatherings virtually.

The senior government official simply said that Zelensky “has always taken part” in previous G7 agreements on Ukraine, adding that Zelensky would “work with leaders in some way, shape or form” on these.

The sanctions target Russia and Third World countries that receive exports that support Putin’s war effort. The United States will also add about 300 new sanctions against individuals and entities.

“This will be a significant effort that will significantly limit Russian access to assets relevant to its battlefield capabilities,” the official said.

The move comes as Western allies look for new ways to tighten already restrictive sanctions against Russia, including visa restrictions and an oil price cap.

The leaders may also look at tightening the wording in pre-existing sanctions that could make it more difficult for Moscow to find gaps in the sanctions regime.

The G7 consists of the United States, Japan, Italy, France, Germany, Canada and the United Kingdom

New sanctions are said to be aimed at paralyzing Russian President Vladimir Putin’s war machine

US President Joe Biden (L) is greeted by Japanese Prime Minister Fumio Kishida (R) on Thursday as leaders arrive in Hiroshima for the G7

President Joe Biden arrived in Hiroshima on Thursday night. Russia’s 15-month invasion of Ukraine is expected to be at the top of the leaders’ agenda, as are ways to counter China’s growing influence in the Indo-Pacific region.

“We stand up for shared values, including supporting the people of Ukraine in defending their sovereign territory and holding Russia accountable for its brutal aggression,” Biden said as he met Japanese Prime Minister Fumio Kishida on Thursday evening, in its first official bilateral of the meeting.

As world leaders headed to Hiroshima on Thursday to kick off Friday’s summit, Russia unleashed another attack, firing 30 cruise missiles at various parts of Ukraine.

G7 leaders have reportedly been working on a document to reiterate their support for Ukraine, which would be separate from the group’s traditional joint statement at the end of the meeting.

Ukraine, backed by Western arms and cash, is expected to launch major counter-offensive operations in the coming weeks to try to recapture parts of the east and south from Russian forces.

Zelensky was in Europe this week to meet with leaders from France, Italy, the United Kingdom and Germany.

The fighting in Ukraine continues and has been going on for more than 15 months

At the last meeting of G7 leaders – in Germany in June 2022 – the gang of seven imposed a price cap on Russian oil and petroleum products.

Several G7 countries have individual sanctions on purchases of Russian oil. Crude is the main export and finances much of Putin’s war effort.

However, countries such as India and Turkey have helped compensate for the lack of European oil purchases by increasing their own purchases.