On Friday, the 19th of May G7 leaders agreed on new sanctions against Russia. The objective of these sanctions is denying Russia access to technologies, industrial equipment and services from these countries that help Russia maintain its war machine.
The sanctions announced after the G7 Summit in Hiroshima provide for the ban of exports of goods that are “important for Russia on the battlefield”.
G7 countries will strengthen efforts to prevent circumvention of sanctions and oppose organisations that transport materials to the front, as the announcement from the summit mentions.
Even before this announcement US and other member states had announced their own measures. Some US official mentioned that 70 Russian and other countries’ organisations have been blacklisted.
London announced a ban on sales of Russian diamonds, which reaches USD 4 billion every year. Britain will also ban imports of copper, aluminium and nickel.
G7 member states are also committed to limiting the trade and use of diamonds mined, processed and manufactured in Russia.
Belgium is one of the biggest Russian diamond buyers alongside the United Arab Emirates and India.
India’s Prime Minister Narendra Modi plans to join the G7 summit.
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