G7 to accelerate talks to reduce Russia’s revenues from diamonds, energy and metals

G7 Foreign Ministers meeting on 8 November in Tokyo, Japan, have reaffirmed their readiness to continue to support Ukraine and to increase economic pressure and impose robust sanctions and other restrictions against Russia.

The Foreign Ministers of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States of America, and the High Representative of the European Union took part in the meeting.

“We will reinforce our coordination on sanctions to restrict Russia’s access to critical goods and technology. We will take further action to prevent the evasion and circumvention of our measures against Russia,” ministers said in a joint statement. “In order to reduce the revenues that Russian extracts from its exports, we will accelerate our consultation on energy, metals, and all non-industrial diamonds, including those mined, processed or produced in Russia.”

They also reaffirmed that, consistent with their respective legal systems, Russia’s sovereign assets in their jurisdictions would remain immobilised, “until Russia pays for the damage it has caused to Ukraine”. 

The ministers also said that “Russia’s irresponsible nuclear rhetoric and its announced deployment of nuclear weapons in Belarus are unacceptable”. 

“Any use of chemical, biological, or nuclear weapons by Russia would be met with severe consequences. We deeply regret Russia’s decision to revoke its ratification of the Comprehensive Nuclear-Test-Ban Treaty. We strongly support the International Atomic Energy Agency’s (IAEA) continued presence and unfettered access at all of Ukraine’s civil nuclear sites,” the statement said.

Concerning the South Caucasus, G7 ministers expressed their grave concern over the humanitarian consequences of the displacement of Armenians from Nagorno-Karabakh after the military operation conducted by Azerbaijan. They urged Azerbaijan to fully comply with its obligations under international humanitarian law, and welcomed international efforts to address urgent humanitarian needs for those who had been displaced.

Find out more

Press release