Copyright © 2024 Euromaidanpress.com

The work of Euromaidan Press is supported by the International Renaissance Foundation

When referencing our materials, please include an active hyperlink to the Euromaidan Press material and a maximum 500-character extract of the story. To reprint anything longer, written permission must be acquired from [email protected].

Privacy and Cookie Policies.

G-7 nations consider outright ban on exports to Russia, Bloomberg says

G-7 nations consider outright ban on exports to Russia, Bloomberg says

The United States and some of other Ukraine’s allies are discussing a nearly-total ban on most exports to Russia to tighten economic pressure on Russia over its illegal and unprovoked aggression against Ukraine, according to Bloomberg.

Group of Seven officials consider an outright export ban ahead of a G-7 summit in Japan in May 2023 and plan to include European Union member states in the crackdown, Bloomberg reported.

Sanctions impair Russia’s ability to manufacture high-tech weapons – British intel

According to the proposal that is being discussed by the diplomatic envoys of the G-7 nations, all exports to Russia should be banned unless exempted, Bloomberg reported. The ban is unlikely to include medicines and agricultural products. Under the current criteria, all exports to Russia are allowed unless sanctioned. At this point, European countries continue exporting goods worth billions of euros to Russia.

However, there are potentially severe obstacles to implementing the ban on exports to Russia in the European Union. In the EU, such a ban would need to be adopted by all members to come into force.

Are the sanctions on Russia working?

The EU and the US have imposed massive and unprecedented sanctions against Russia in response to the war of aggression against Ukraine. Sanctions against Russia have significantly diminished the value of EU and G-7 exports to Russia, with limits on many goods, from electronics to alcohol. Nevertheless, according to the Geneva-based Trade Data Monitor, the EU, the US, Canada, and Japan still export $66 billion worth of goods.

Related:

You could close this page. Or you could join our community and help us produce more materials like this.  We keep our reporting open and accessible to everyone because we believe in the power of free information. This is why our small, cost-effective team depends on the support of readers like you to bring deliver timely news, quality analysis, and on-the-ground reports about Russia's war against Ukraine and Ukraine's struggle to build a democratic society. A little bit goes a long way: for as little as the cost of one cup of coffee a month, you can help build bridges between Ukraine and the rest of the world, plus become a co-creator and vote for topics we should cover next. Become a patron or see other ways to support. Become a Patron!

To suggest a correction or clarification, write to us here

You can also highlight the text and press Ctrl + Enter

Please leave your suggestions or corrections here


    Will the West continue to support Ukraine?
    • Know what moves the world.
    • Stay informed with Kompreno.
    • Get quality journalism from across Europe.
    Special discount
    for Euromaidan Press readers
    Euromaidan Press

    We are an independent media outlet that relies solely on advertising revenue to sustain itself. We do not endorse or promote any products or services for financial gain. Therefore, we kindly ask for your support by disabling your ad blocker. Your assistance helps us continue providing quality content. Thank you!

    Related Posts