22:02 11.03.2022

G7 ready to impose further sanctions on Russia, hold Putin accountable – statement

4 min read
G7 ready to impose further sanctions on Russia, hold Putin accountable – statement

The G7 countries remain resolved to stand with the people and government of Ukraine, who heroically resist the military aggression of Russian President Vladimir Putin, and are ready to take further measures to hold President Putin and his regime accountable for the attack on Ukraine, the G7 leaders said in a statement on Friday.

"We are united in our determination to hold President Putin and his regime accountable for this unjustified and unprovoked war that has already isolated Russia in the world," the G7 said in the statement.

The world should join together in calling on President Putin and his regime to immediately stop its ongoing assault against Ukraine and withdraw its military forces. We stand in solidarity with those who are bravely opposing the invasion of Ukraine, the G7 leaders said.

"We call for, and commit to provide, humanitarian, medical and financial support to refugees from Ukraine," the G7 said in the statement.

According to them, in addition to announced plans, we will make further efforts to reduce our reliance on Russian energy, while ensuring that we do so in an orderly fashion and in ways that provide time for the world to secure alternative and sustainable supplies. The document also expressed support for companies seeking an orderly withdrawal from the Russian market.

"We remain resolved to isolate Russia further from our economies and the international financial system. Consequently, we commit to taking further measures as soon as possible…," the G7 said in the document, listing seven such areas.

First, the G7 countries intend to take actions that will deny Russia's Most-Favoured-Nation status relating to key products, which will revoke important benefits of Russia's membership in the World Trade Organization and ensure that the products of Russian companies no longer receive Most-Favoured-Nation treatment in the G7 countries' economies.

Second, the authors of the statement are working collectively to prevent Russia from obtaining financing from the leading multilateral financial institutions, including the International Monetary Fund, the World Bank and the European Bank for Reconstruction and Development.

Third, the G-7 countries commit to commit to continuing our campaign of pressure against Russian elites, proxies and oligarchs close to President Putin and other architects of the war as well as their families and their enablers.

Fourth, according to the statement, the effectiveness of restrictive measures will be maintained, evasions will be stopped, and loopholes will be closed. "Specifically, in addition to other measures planned to prevent evasion, we will ensure that the Russian state and elites, proxies and oligarchs cannot leverage digital assets as a means of evading or offsetting the impact of international sanctions, which will further limit their access to the global financial system," the G7 said in the statement.

Fifth, the G7 leaders declared their determination to fight the Russian regime's attempts to spread disinformation.

Sixth, they are ready to impose further restrictions on the export and import of key goods and technologies on the Russian Federation, aimed at denying Russia revenues. "We will make sure that the elites, proxies and oligarchs that support President Putin’s war are deprived of their access to luxury goods and assets. The elites who sustain Putin’s war machine should no longer be able to reap the gains of this system, squandering the resources of the Russian people," the G7 said in the document.

Seventh, Russian entities directly or indirectly supporting the war should not have access to new debt and equity investments and other forms of international capital, the statement said. "We will continue working together to develop and implement measures that will further limit Russia’s ability to raise money internationally," the G7 leaders said.

They also said they are stand united and in solidarity with our partners, including developing and emerging economies, which unjustly bear the cost and impact of this war, for which we hold President Putin, his regime and supporters, and the Lukashenko regime, fully responsible. "Together, we will work to preserve stability of energy markets as well as food security globally as Russia's invasion threatens Ukraine’s capacity to grow crops this year," according to the statement.