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G7 promises to increase sanctions and block Russian assets until end of war in Ukraine

Saturday, 24 February 2024, 21:45
G7 promises to increase sanctions and block Russian assets until end of war in Ukraine
Flags of G7 countries. Stock photo: Getty Images

Leaders of the G7 Group will continue to deprive Russia of the revenues it needs to wage a full-scale war against Ukraine and punish third countries that help the Kremlin in this, as well as block Russia's assets until the end of the war.

Source: joint statement of the G7 leaders following the online summit on 24 February, which is available to European Pravda

Details: The signatories of the statement promise to strengthen sanctions against Russia and prevent further evasion from them.


Quote: "We will impose additional sanctions on companies and individuals in third countries who help Russia acquire weapons or key inputs for weapons. We will also impose sanctions on those who help Russia acquire tools and other equipment that aid Russian weapons production or military-industrial development."

More details: In this context, the leaders of the Group of Seven specifically mention depriving Russia of revenues from the sale of energy, especially oil. They also promise to impose sanctions on third-country individuals and entities that help Russia wage war against Ukraine.

"Financial institutions and other entities that facilitate Russia’s acquisition of items or equipment for its defence industrial base are supporting actions that undermine the territorial integrity, sovereignty, and independence of Ukraine," they said.

The statement specifically mentions North Korea, which has transferred ballistic missiles to Russia in violation of UN sanctions, Iran and China, whose companies have sold dual-purpose goods to Moscow.

The G7 leaders also confirmed that they would keep the assets of the Russian Central Bank in their jurisdictions frozen until the end of Russia's full-scale war against Ukraine.

The G7 leaders stressed that "it is not right for Russia to decide if or when it will pay for the damage it has caused in Ukraine."

"We reaffirm that, consistent with our respective legal systems, Russia’s sovereign assets in our jurisdictions will remain immobilized until Russia pays for the damage it caused to Ukraine," they added.

The signatories of the statement welcomed the adoption of the EU mechanism for the storage of excess profits from revenues from natural resources and encouraged "further steps to enable their use, consistent with applicable contractual obligations and in accordance with applicable laws".

The G7 leaders promised to come back to this issue at the summit in Puglia, Italy, scheduled for 13-15 June.

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