The G7 summit is being held on June 26-28 in Germany.
The G7 (G7) plans to further restrict Russia's access to industrial resources and technologies that support Russia's defense, told in the White House.
Measures against Russian military production and supply chains
G7 leaders will agree and expand targeted sanctions to further restrict Russia's access to key industrial resources, services and technologies produced by the most powerful economies, especially those that support Russia's military-industrial base and technology sector. The State Department and the US Treasury Department will aggressively fight Russia's defense supply chains by imposing blocking sanctions on large state-owned defense companies, defense research organizations and dozens of other legal entities and individuals associated with the defense industry, and limiting Russia's ability. to replace military equipment that it had already lost during the brutal war against Ukraine, the White House added.
Using tariffs on Russian goods to help Ukraine
Earlier this year, G7 leaders pledged to deprive Russia of a status that guaranteed low tariffs on Russian goods sold around the world. President Biden and other G7 leaders will seek the power to use the proceeds from the new tariffs on Russian goods to help Ukraine and ensure that Russia pays for its war. President Biden also announced that, following the abolition of Russia's trade status in the United States, Congress would impose increased tariffs on more than 570 groups of Russian goods worth about $ 2.3 billion for Russia. These measures will limit Russia's ability to reap the economic benefits of selling to the American market and will be carefully calibrated in such a way as to impose costs on Russia while minimizing costs for American consumers.
Restricting Russia's participation in the world market and further stopping attempts to evade
G7 leaders intend to limit Russia's profits, in particular from gold, Russia's second-largest export after energy. The United States will take a number of key actions to meet these commitments. The US Treasury Department will issue a decree banning the import of new gold into the United States, which will prevent Russia's participation in the official gold market. The leaders of the G7 countries also pledge to continue the targeted fight against tax evasion and retaliation. The US Department of Commerce will take the first steps against companies backing up in support of Russia, including several companies around the world in the list of entities that will prohibit these companies from buying goods and technologies of American origin, such as semiconductors. The US State Department and the US Treasury Department will impose blocking sanctions against those involved in helping Russia evade taxes. The US Department of Commerce and the US Treasury will jointly issue warnings to financial institutions to help identify potential violations of export controls.
Sanctions against those responsible for human rights violations – including war crimes, profits and illegitimate bodies authorities
G7 leaders will decide to impose sanctions on those responsible for human rights abuses – including war crimes committed by illegitimate authorities in Ukraine, as well as those involved in Russia's tactics of stealing Ukrainian grain or otherwise illegally profiting from the war. The United States will impose blocking sanctions on private military companies operating in Ukraine, Russian military units that have been allegedly involved in human rights or international humanitarian law violations in Ukraine, and Russian-appointed high-ranking officials in areas besieged or held by Russian troops, including ministers and mayors. cities where hostilities are taking place. The US State Department will impose visa restrictions on about 500 officials for threatening or violating Ukraine's sovereignty, territorial integrity or political independence, or suppressing dissent in Russia.
G7's significant commitment to budget support and other assistance to Ukraine
The G7 is committed to helping Ukraine cover short-term budget deficits, including a $ 7.5 billion commitment from the recently adopted second supplementary budget. Leaders will also take over an unprecedented long-term commitment to ensure security and provide Ukraine with as much financial, humanitarian, military and diplomatic support as needed. The leaders' commitment will include supporting Ukraine's sound military readiness and defense, including through the timely provision of modern defense equipment and advanced weapons systems.
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