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.
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.
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.
- British company supplied $1.2 billion in electronics to Russia despite sanctions – FT
- French retailer Auchan doubles down its presence in Russia
- Windfall tax on oil and gas industry: a perfect way to fund Ukraine’s reconstruction
- Russia buys US-made components for electronic warfare systems through Chinese, Turkish intermediaries – Russian media
- Why Russia is still making money on energy sales and how to change this