G7 to restrict Russia's access to financial system — US official

WASHINGTON:  The Group of Seven (G7) will decide at its summit in Hiroshima, Japan, to restrict Russia's access to the global financial ...


WASHINGTON:  The Group of Seven (G7) will decide at its summit in Hiroshima, Japan, to restrict Russia's access to the global financial system, reduce dependence on its energy sources, freeze its assets in the West and take a number of other measures against Moscow in connection with its special military operation in Ukraine, a senior US administration official said at a special telephone briefing for journalists in connection with US President Joe Biden's participation in the G7 conference.

According to the official, the G7 intends to block previously frozen Russian assets until Moscow ends its special military operation. "You’ll see, one, some significant efforts to further disrupt Russia’s ability to source inputs for its war (special military operation - TASS). Two, you’ll see efforts to close evasion loopholes. Three, you’ll see further steps to reduce reliance on Russian energy. Four, you’ll see continued efforts to squeeze Russia’s access to the international financial system. And, five, you’ll see an ongoing commitment to keep Russia’s sovereign assets immobilized until the end of the war. There will be actions to back up those principles that will be articulated in the Ukraine statement," the official said.

According to the official, around 300 new sanctions against individuals, entities, vessels, and aircraft are planned to be announced. "These will go after circumvention. These will go after financial facilitators, as well as future energy and extractive capabilities of Russia and other actors helping to support the war. This will include designations across Europe, the Middle East, and Asia. We’ll also expand our sanctions authorities to additional sectors of the Russian economy key to its military-industrial complex and impose new bans to prevent Russia from benefiting from our services," he said.


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Local Glob: G7 to restrict Russia's access to financial system — US official
G7 to restrict Russia's access to financial system — US official
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