Hiroshima: More sanctions are likely to be imposed on Russia by the world’s seven major economies (G7 countries).
A three-day meeting of the G7 nations begins on May 19 in Hiroshima, Japan, with a strong possibility of more sanctions being imposed on Russia to force it to end its war on Ukraine.
The G7 countries include USA, UK, Canada, France, Germany, Italy and Japan.
It should be noted that the United States and the European Union have already imposed the strictest sanctions against Russia, but experts say that the existing sanctions will be tightened, especially in the oil and energy sector.
In an interview published in the Financial Times, EU policy chief Joseph Borrell has said that the EU should also ban imports of Indian oil products that India is making by importing oil from Russia.
In addition, the administration of US President Joe Biden is taking steps to further strengthen control over high-tech exports.
Importantly, the European and American sanctions on Russia have not had the effect that Western countries were expecting. In 2022, despite sanctions, the size of the Russian economy shrank by only 2.1 percent.
Although trading between Russia and the G7 nations has remained minimal, China, India, and Turkey have greatly expanded their imports of Russian coal, oil, and gas, which has greatly reduced the impact that Western sanctions have had on the Russian economy.
International media reports that the European Union is considering fining companies who help lessen the impact of sanctions on Russia
While G-Seven is thinking of permanently shutting down the gas pipeline that Russia shut down after the attack on Ukraine, G-Seven’s European countries are against taking this step.
