The G7 countries may announce new sanctions against the Russian Federation in May: what may be included
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The G7 countries are preparing a new package of sanctions against the Russian Federation, which will focus on closing loopholes in previously introduced measures.
It is reported Bloomberg with reference to informed interlocutors.
The new 11th sanctions package will be announced during the meeting of G7 leaders in Japan at the end of May. It will focus on loopholes in the sanctions already in place. The proposals include a ban on the transit of many goods through Russia and measures against ships that disable navigation systems. Personal sanctions against about 30 people are also being discussed.
The USA and Japan are simultaneously preparing their own packages of measures, the interlocutors say. Canada is working on human rights measures, including the alleged abduction of Ukrainian children, as well as sanctions against the Russian defense industry.
Although each package may differ in content, partly due to the regulatory systems in each country, countries are coordinating their activities in the run-up to the summit.
Earlier, the Bank of the Russian Federation predicted that the economy of the aggressor state would grow by 2% this year, because the impact of sanctions is weakening, and GDP will recover by the end of 2024 – much earlier than many economists predicted. Russia’s GDP fell by 2.1% in 2022, also contradicting previous forecasts that the sanctions would lead to a deep economic recession.
The G-7 summit will be a forum for discussing what has worked and what options remain for further pressure on the Russian economy. But given the fact that a large part of the Russian trade and financial sectors is already under sanctions, it is not easy to find new areas for restrictions.
The attention of the G7 will be focused on the fight against evasion of sanctions, primarily regarding goods and technologies used for military purposes. These efforts include applying diplomatic pressure to other countries that have increased trade with Russia, increased monitoring of key goods and targeting companies that may help Russia circumvent the restrictions.
Countries are also expected to expand restrictions on technology and equipment used by Russian military and industrial enterprises, and make progress on a mechanism to track Russian diamonds across borders, eventually banning their trade.
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