Friday, December 8, 2023

At the G7 summit, broad support was sought for the withdrawal front – Britain banned the import of Russian diamonds

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Brazil and India, which trade with Russia, have been invited to Japan for talks. Another important issue is the creation of a common China line.

A US official in Hiroshima, Japan, speaking on condition of anonymity, said the United States would impose about 300 new sanctions on Russian individuals, entities, ships and aircraft.

In addition, approximately 70 operators inside and outside Russia are prohibited from receiving US export products. The official source did not name countries outside Russia. The targets are in Europe, the Middle East and Asia.

On the other hand, Britain will ban the import of Russian diamonds into the country with new restrictions, British Prime Minister Rishi Sunak said upon arrival in Japan. Among other things, The Guardian magazine and the country’s public broadcasting company BBC reported on the matter.

According to the BBC, the value of Russia’s diamond industry in 2021 was around $4 billion.

The new sanctions also ban imports of Russian copper, nickel and aluminum into the UK.

86 new Russian individuals and companies have also been added to the sanctions list. So there are a total of over 1,500 Russian operators on the British sanctions list.

– As today’s sanctions announcement shows, the G7 countries are still united in the face of the threat posed by Russia and steadfast in their support for Ukraine. We meet today in Hiroshima, a city that exemplifies both the horrors of war and the fruits of peace, Sunak told the British press.

The summit of the G7 countries begins today, Friday, in Hiroshima. The three-day meeting aims to strengthen sanctions against Russia and contribute to important third countries increasing the effect of the sanctions.

For example, the G7 countries have already imposed sanctions on Russian banks and price caps on Russian crude oil.

Among others, Brazilian President Luiz Inacio Lula da Silva and Indian Prime Minister Narendra Modi have been invited to the Hiroshima meeting. The President of Comoros, who chairs the African Union, is also present. In all, seven countries that are not part of the G7 group will participate in the Hiroshima meeting.

Ukrainian President Volodymyr Zelensky will appear at the meeting remotely.

Another important topic at the G7 meeting is the search for a common line to deal with China’s growing economic and military power.

The G7 group includes the United States, Canada, Britain, Germany, France, Italy, and Japan. The leadership of the European Union also regularly attends the summits.

The G7 countries are increasingly focused on preventing the evasion of sanctions imposed on Russia. The same issue is being considered in the European Union, when the union is preparing its 11th sanctions package for Russia.

The International Energy Agency IEA reported earlier this week that the amount of oil exported by Russia in April reached its highest level since the start of the war of aggression in February 2022.

Four-fifths of the crude oil exported by Russia goes to India and China, but it is possible that it is also refined in Europe, for example.

According to sources preparing for the meeting, the United States is trying to bring about a change in approach to the sanctions regime at the G7 meeting. Accordingly, all exports to Russia, at least in areas directly related to the Russian arms industry, should be prohibited in principle and exceptions will be considered on a case-by-case basis.

As per current practice, exports to Russia are permitted in principle, unless it is specifically restricted for any product.

According to the US point of view, the change in approach will make it more difficult for Russia to find loopholes in the sanctions.

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