Thu. Jul 18th, 2024

US to Announce New Sanctions Against Russia and Its Partners at G7 Summit

Natasha Kumar By Natasha Kumar Jun12,2024

The US will announce new sanctions against the Russian Federation and its partners at the G7 summit

Photo: John Kirby

The United States will announce new sanctions and export controls against Russia during the G7 leaders' summit in southern Italy later this week. White House spokesman John Kirby said this on Tuesday, June 11, reports Reuters.

The United States and leaders of major Western economies imposed sweeping sanctions against Russia following its 2022 invasion of Ukraine. Kirby said there will be a range of effective new sanctions and export controls that will target organizations and networks helping Russia wage its war.

"We will continue to impose costs on the Russian war machine." ,— said Kirby.

The annual summit of leaders of the most economically developed democratic countries in the world – the G7 (G7) will be held in Italy from June 13 to 15. The meeting will take place in Puglia in southern Italy, at the Borgo Egnasia Hotel. The G7 consists of the USA, Japan, Canada, Germany, France, Italy and the UK. The European Union participates in all discussions and is represented by the Presidents of both the European Council and the European Commission.

The summit is scheduled to begin on Thursday, June 13, at 11:00 am with a discussion of the African continent, climate change and development. The leaders will then discuss the situation in the Middle East before two sessions on Ukraine, the first of which will include Ukrainian President Volodymyr Zelensky.

The second day will include sessions on immigration, Indo-Pacific issues and economic security, and partners will arrive in the afternoon for talks on the Mediterranean, energy and Africa. Pope Francis will take part in talks on artificial intelligence.

Much attention will be paid to whether G7 leaders can agree on how to use the profits received from Russian assets frozen in the West in the interests of Ukraine.

The White House also expects that next week the G7 will send a stern warning to medium and small Chinese banks that are helping Russia evade Western sanctions.

Sources in Washington say the United States is poised to announce significant new sanctions against financial institutions and non-banks that are part of “technology and commodity supply channels” for the Russian military-industrial complex. It remains to be seen whether other G7 members are willing to follow the US hard line.

The summit is officially scheduled to last until June 15, but President Joe Biden flies to Italy on the night of June 14, and the only official item on his agenda is Saturday is the final press conference of Italian Prime Minister Giorgia Meloni, as well as a series of bilateral meetings with the leaders of allied countries.

Prepared by: Sergei Daga

Natasha Kumar

By Natasha Kumar

Natasha Kumar has been a reporter on the news desk since 2018. Before that she wrote about young adolescence and family dynamics for Styles and was the legal affairs correspondent for the Metro desk. Before joining The Times Hub, Natasha Kumar worked as a staff writer at the Village Voice and a freelancer for Newsday, The Wall Street Journal, GQ and Mirabella. To get in touch, contact me through my natasha@thetimeshub.in 1-800-268-7116

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