By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
IndebtaIndebta
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Notification Show More
Aa
IndebtaIndebta
Aa
  • Banking
  • Credit Cards
  • Loans
  • Dept Management
  • Mortgage
  • Markets
  • Investing
  • Small Business
  • Videos
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Follow US
Indebta > Markets > Commodities > Exclusive-G7 leaders to target Russian energy, trade in new sanctions steps -sources
Commodities

Exclusive-G7 leaders to target Russian energy, trade in new sanctions steps -sources

News Room
Last updated: 2023/05/14 at 6:55 PM
By News Room
Share
5 Min Read
SHARE

By Trevor Hunnicutt and Andreas Rinke

WASHINGTON/BERLIN (Reuters) – Leaders of the Group of Seven (G7) nations plan to tighten sanctions on Russia at their summit in Japan this week, with steps aimed at energy and exports aiding Moscow’s war effort, said officials with direct knowledge of the discussions.

New measures announced by the leaders during the May 19-21 meetings will target sanctions evasion involving third countries, and seek to undermine Russia’s future energy production and curb trade that supports Russia’s military, the people said.

Separately, U.S. officials also expect G7 members will agree to adjust their approach to sanctions so that, at least for certain categories of goods, all exports are automatically banned unless they are on a list of approved items.

The Biden administration has previously pushed G7 allies to reverse the group’s sanctions approach, which today allows all goods to be sold to Russia unless they are explicitly blacklisted.

That change could make it harder for Moscow to find gaps in the sanctions regime.

While the allies have not agreed to apply the more-restrictive approach broadly, U.S. officials expect that in the most sensitive areas for Russia’s military G7 members will adopt a presumption that exports are banned unless they are on a designated list.

The exact areas where these new rules would apply are still being discussed.

“You should expect to see, in a handful of spaces, particularly relating to Russia’s defense industrial base, that change in presumption happen,” said a U.S. official who declined to be named.

The precise language of the G7 leaders’ joint declarations is still subject to negotiation and adjustment before it is released during the summit. The G7 comprises the United States, Japan, Canada, France, Germany, Italy and the United Kingdom.

The G7 leaders’ action on Russia comes as Ukraine’s Western allies hunt for new ways to tighten already restrictive sanctions on Russia, from export controls to visa restrictions and an oil price cap, which have put pressure on Russian President Vladimir Putin but not halted the full-scale invasion that started over a year ago.

Some U.S. allies have resisted the idea of banning trade broadly and then issuing category-by-category exemptions.

The European Union, for instance, has its own approach and is also currently negotiating its 11th package of sanctions since Russia invaded Ukraine, with the bulk focused on people and countries circumventing existing trade restrictions.

“The sometimes-discussed approach of ‘we ban everything first and allow exceptions’ will not work in our view,” said one top German government official. “We want to be very, very precise and we want to avoid unintended side effects.”

Meanwhile, any change in language, including language specifying that certain trade is banned unless specifically exempted, by the G7 leaders may not necessarily lead to more bans immediately or indeed any change in Russia’s posture.

“At least on day one, that change in presumption doesn’t change the substance of what’s allowed, but it matters for the long-term trajectory of where we’re going and the restrictiveness of the overall regime,” the U.S. official said.

Ukraine, backed by Western arms and cash, is expected to launch major counter-offensive operations in the coming weeks to try to recapture tracts of its east and south from Russian forces.

Ukrainian President Volodymyr Zelenskiy has been in Europe this week for meetings with Pope Francis as well as with leaders from France, Italy and Germany. He is expected to address G7 leaders, either virtually or in-person, during their summit in Hiroshima, the officials said.

Former Russian President Dmitry Medvedev said last month a G7 move to ban exports to the country would cause Moscow to terminate a Black Sea grain deal that enables vital exports of grain from Ukraine. Food security in the aftermath of the war is also expected to be a major topic at the G7.

Read the full article here

News Room May 14, 2023 May 14, 2023
Share this Article
Facebook Twitter Copy Link Print
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Finance Weekly Newsletter

Join now for the latest news, tips, and analysis about personal finance, credit cards, dept management, and many more from our experts.
Join Now
Germany floats return to conscription if volunteer plan fails

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects…

Military briefing: will Iran start a new ‘tanker war’?

Mines across one of the world’s most strategically important waterways. Western-made missiles…

Trump must resist the siren call of regime change in Iran

Unlock the White House Watch newsletter for freeYour guide to what Trump’s…

Revolut chief in line for Musk-style payday at $150bn valuation

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects…

Germany and Italy pressed to bring $245bn of gold home from US

Germany and Italy are facing calls to move their gold out of…

- Advertisement -
Ad imageAd image

You Might Also Like

Commodities

Russia mulls extra tax for some commodities exports, including metals – sources

By News Room
Commodities

Gold prices tumble as Fed talks higher rates

By News Room
Commodities

Crude oil prices endure downturn amid U.S. interest rate hike anticipation

By News Room
Commodities

China approves export licences for chip materials gallium, germanium

By News Room
Commodities

European energy crisis: ECB, IEA and EIB to strategize on systematic transition amid soaring prices

By News Room
Commodities

Federal Reserve interest rate signals prompt oil price dip

By News Room
Commodities

Oil prices inch closer to $100 per barrel amid inflation concerns

By News Room
Commodities

Brent Crude Prices May Hit $120 per Barrel, Warns JPMorgan

By News Room
Facebook Twitter Pinterest Youtube Instagram
Company
  • Privacy Policy
  • Terms & Conditions
  • Press Release
  • Contact
  • Advertisement
More Info
  • Newsletter
  • Market Data
  • Credit Cards
  • Videos

Sign Up For Free

Subscribe to our newsletter and don't miss out on our programs, webinars and trainings.

I have read and agree to the terms & conditions
Join Community

2023 © Indepta.com. All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?