The G7 countries will expand sanctions against Russia for invading Ukraine.
The new restrictions were announced in the administration of US President Joe Biden.
Future sanctions will affect Russiaʼs military production and supply chains, access to key industrial resources, services and technologies, including those that support Russiaʼs military-industrial base and technology sector, as well as Russian individuals and companies.
Hundreds of individuals and companies will be subject to sanctions. In addition, Russia faces an increase in tariffs on more than 570 groups of goods with a total value of about $ 2.3 billion, as well as a ban on imports of gold from Russia, which was announced earlier.
In addition, sanctions will be imposed on a number of companies and individuals that help Russia circumvent the restrictions.
The White House added that in a few months, US exports to Russia, including critical technology needed by Putin to support his military, fell by about 97 percent. Imports to Russia of goods from around the world could fall by 40%. Russiaʼs GDP will shrink and inflation will rise to more than 20%.
- The G7 summit kicked off in Germany on June 26. Joe Biden then announced that G7 leaders had agreed on an embargo on Russian gold. On the same day, Japan imposed additional sanctions against Russia and banned the import of Russian gold.
- Separately, G7 leaders promised to support Ukraine indefinitely in the war with Russia.
- On the night of June 27, Russia defaulted on sovereign debt in foreign currency — for the first time since 1918. This was the culmination of increasingly severe Western sanctions, which blocked the payment of foreign creditors.