G7 leaders say they will intensify international economic and political pressure on Putin’s regime and its enablers in Belarus

G7 leaders say they will intensify international economic and political pressure on Putin’s regime and its enablers in Belarus

June 28, 2022

On 27 June, the leaders of the G7 reaffirmed their unwavering commitment to support the government and people of Ukraine defending their country’s sovereignty and territorial integrity and to sustain and intensify international economic and political pressure on President Putin’s regime and its enablers in Belarus.

The leaders of Canada, France, Germany, Italy, Japan, the United Kingdom, the United States of America and the European Union are meeting in Schloss Elmau, Germany, from 26 to 28 June.

The G7  welcomed the European Council’s decision to grant the status of candidate country to Ukraine and Moldova. 

We will continue to provide financial, humanitarian, military and diplomatic support and stand with Ukraine for as long as it takes. As we do so, we commit to demonstrate global responsibility and solidarity through working to address the international impacts of Russia’s aggression, especially on the most vulnerable,” the G7 leaders said in their special statement on support to Ukraine.

The G7 leaders also said their countries would sustain and intensify “international economic and political pressure on President Putin’s regime and its enablers in Belarus, depriving Russia of the economic means to persist in its war of aggression against Ukraine, and we will continue our targeted use of coordinated sanctions for as long as necessary, acting in unison at every stage”. 

They committed to take the following measures in the days and weeks ahead:

  • explore new ways to isolate Russia from participating in the global market and crack down on evasion; 
  • reduce Russia’s revenues, including from gold; 
  • target evasion and backfilling activities;
  • further reduce Russia’s export revenues, reducing dependency on Russian energy;
  • coordinate on tariff measures on imports from Russia and explore possible pathways in line with our respective legislation to use the revenues to assist Ukraine where applicable;
  • align and expand targeted sanctions to further restrict Russia’s access to key industrial inputs, services, and technologies produced by G7 economies, particularly those supporting Russia’s armament industrial base and technology sector; 
  • increase the costs of Russia’s war on Ukraine by imposing targeted sanctions on those responsible for war crimes and global food insecurity. 

The G7 leaders also pledged to assist the global economy and take action to help mitigate Russia’s war spillover effects, especially relating to humanitarian and other basic needs, and vulnerable populations. 

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