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Home » G7 Leaders To Up Economic Pressure On Russia With New Rounds Of Sanctions

G7 Leaders To Up Economic Pressure On Russia With New Rounds Of Sanctions

US and G7 to launch ANOTHER round of sanctions on Russia’s military and energy sector to cripple Putin’s war machine – as Zelensky considers jetting to Japan to meet world leaders in person’We’re upping the economic pressure on Russia,’ a senior U.S. official saidSanctions will target Russia’s mighty energy sector and other exports that aid Russian military effortsZelensky may travel to Hiroshima to meet with leaders By Emily Goodin, Senior U.S. Political Reporter In Hiroshima, Japan and Nikki Schwab, Senior U.S. Political Reporter For Dailymail.Com In Hiroshima, Japan

Published: 21:03, 18 May 2023 | Updated: 05:06, 19 May 2023

G7 leaders on Friday will announce a new round of tough economic sanctions on Russia in an attempt to cripple Vladimir Putin to the point where he could end the war in Ukraine.

‘We’re upping the economic pressure on Russia. We will continue to expand export controls to make it even harder for Russia to sustain its war machine among other things,’ a senior administration official told reporters on a briefing call Thursday night from Hiroshima.

The sanctions will attempt to tighten the screws on Moscow’s war effort, targeting Russia’s mighty energy sector and other exports that aid Russian military. 

The move comes amid reports Ukrainian President Volodymyr Zelensky is weighing an in-person appearance at the gathering of world leaders. He has addressed previous such gatherings virtually.

G7 leaders will announce tough new sanctions on Russia – above Ukrainian President Volodymyr Zelensky (left) with British Prime Minister Rishi Sunak (right) 

The senior administration official simply said Zelensky ‘has always participated’ in prior G7 engagements on Ukraine, adding that Zelensky ‘in one, way, shape or form’ would engage with leaders at this one.

The sanctions will target Russia and third-world nations receiving exports that help Putin’s war effort. The United States will also add around 300 new sanctions against individuals and entities. 

‘This is going to be a significant effort that will that will extensively restrict Russian access to goods that matter for its battlefield capabilities,’ the official said.

The action comes as Western allies hunt for new ways to tighten already restrictive sanctions on Russia, which include visa restrictions and an oil price cap.

The leaders may also look at tightening language in already existing sanctions that could make it harder for Moscow to find gaps in the sanctions regime. 

The G7 consists of the United States, Japan, Italy, France, Germany, Canada and the U.K.

New sanctions would aim to cripple Russian President Vladimir Putin’s war machine

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

Zelensky had made the rounds with European leaders

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

‘We stand up for the shared values including supporting the people of Ukraine as they defend their sovereign territory and holding Russia accountable for its brutal aggression,’ Biden said as he met Japanese Prime Minister Fumio Kishida Thursday evening, in his first official bilateral of the summit.

As world leaders made their way to Hiroshima on Thursday to kick off Friday’s summit, Russia unleashed another attack, firing 30 cruise missiles against different parts of Ukraine.

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

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

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

Fighting in Ukraine continues and has been ongoing for more than 15 months

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

Several G7 nations have individual sanctions on purchases of Russian oil. Crude is its top export and finances much of Putin’s war effort. 

However, countries like India and Turkey have helped make up for the lack of European oil purchases by upping their own.