Munich (Brussels Morning Newspaper) – Foreign ministers of G7 countries agreed to continue working together to achieve a strong peace agreement for Ukraine with strong security guarantees and linked future sanctions on Russia to good-faith talks by the Kremlin.
“Any new, additional sanctions after February should be linked to whether the Russian Federation enters into real, good-faith efforts to bring an enduring end to the war against Ukraine that provides Ukraine with long-term security and stability as a sovereign, independent country,”
The statement stated after a discussion on the sidelines of the Munich Security Conference, Reuters reported.
The G7, which also includes Germany, France, Italy, Canada, Japan, the UK and the European Union, emphasised their obligation to work together to assist in achieving a durable peace and
“the need to develop robust security guarantees to ensure the war will not begin again”.
How are G7 sanctions affecting Russia’s economy?
Since Russia invaded Ukraine, the G7 group have imposed heavy economic sanctions on Russia. The sanctions are one aspect of a larger campaign to economically isolate Russia and pressure it to stop the war. The sanctions are one aspect of a larger campaign to economically isolate Russia and pressure it to stop the war.
The G7 nations have phased out Russian oil and gas imports, which are huge sources of income for Moscow. They have also put a cap on seaborne Russian-origin crude oil and refined oil products to restrict Russia’s energy incomes without triggering price spikes worldwide.
Russian banks were prohibited from dollar and euro transactions, drastically limiting their capacity to engage internationally. The G7 has also identified other Russian financial institutions aimed at avoiding evasion of these sanctions.
The group claims that sanctions are intended to limit Russia’s access to high-tech materials, technology, military hardware, and industrial machinery that might fuel its war effort or restore its military capabilities.
