Officials of the G7 countries are considering the possibility of an almost complete ban on the export of goods to Russia. Allies are discussing the idea ahead of a May leadersʼ summit in Japan.
This was reported by Bloomberg with reference to people familiar with the matter.
If the G-7 leaders support this step, then the summit will have to agree on exceptions to the list of export goods. These can be medicines, agricultural products and food.
However, difficulties may arise with the implementation of this decision, because for these sanctions to enter into force in the EU, the consent of all member states is required.
Currently, sanctions have almost halved the value of EU and G7 exports to Russia. According to the Geneva Monitoring of Trade Data, goods from Europe, the USA, Canada and Japan, which still reach Russia, are valued at $66 billion.
G-7 members are concerned that this is too much of a benefit for the Russian economy.
According to Trade Data Monitor, Germany, Italy and Poland remain among the top three European exporters of goods to Russia. Among the G7 products most likely to be affected by sanctions are automobiles, chocolate, beer, footwear, flowers and cosmetics, as well as non-medical and non-agricultural goods.
There is also a threat that an almost complete ban on exports to Russia will bring Moscow even closer to China in the search for alternative buyers for sanctioned goods.