21.04.2023, 09:47
The G7 countries are considering the possibility of an almost complete ban on exports to Russia
Source: OREANDA-NEWS
OREANDA-NEWS Some of Ukraine's key allies, including the United States, are considering a near-total ban on exports to Russia, Bloomberg reports.
According to the agency's sources, representatives of the "Big Seven" are discussing this idea on the eve of the May leaders' summit in Japan and intend to involve EU countries in its implementation.
The approach that diplomats are discussing could completely reverse the current sanctions regime, Bloomberg writes. If it is now allowed to supply all goods to Russia, with the exception of sub-sanctions, then with the new approach, all goods will already fall under the ban and the country will be able to import only those for which an exception will be made.
The list of goods has not yet been agreed — before that, the leaders of the "Big Seven" have yet to agree whether they are taking new measures or not. According to a Bloomberg source, most likely, exceptions from sanctions will be made for medicines and agricultural products.
However, there are serious obstacles to the adoption of the new ban, Bloomberg notes. In order for it to come into force in the European Union, new measures must be approved by all members of the association. And given the likely negative reaction of companies that continue to supply goods to the Russian market, along with the risk of retaliatory measures from Moscow, the issue will lead to a "heated debate," the agency suggests.
Since the end of February last year, the European Union, the United States and the United Kingdom have repeatedly tightened sanctions against Russia. Export goods were also subject to restrictions. In particular, almost half (49%) of its exports to the country (as of 2021) were under EU sanctions. The tenth package of restrictive measures that the European Union has imposed against Russia includes a ban on the export of bitumen and synthetic rubber from Russia.
According to the agency's sources, representatives of the "Big Seven" are discussing this idea on the eve of the May leaders' summit in Japan and intend to involve EU countries in its implementation.
The approach that diplomats are discussing could completely reverse the current sanctions regime, Bloomberg writes. If it is now allowed to supply all goods to Russia, with the exception of sub-sanctions, then with the new approach, all goods will already fall under the ban and the country will be able to import only those for which an exception will be made.
The list of goods has not yet been agreed — before that, the leaders of the "Big Seven" have yet to agree whether they are taking new measures or not. According to a Bloomberg source, most likely, exceptions from sanctions will be made for medicines and agricultural products.
However, there are serious obstacles to the adoption of the new ban, Bloomberg notes. In order for it to come into force in the European Union, new measures must be approved by all members of the association. And given the likely negative reaction of companies that continue to supply goods to the Russian market, along with the risk of retaliatory measures from Moscow, the issue will lead to a "heated debate," the agency suggests.
Since the end of February last year, the European Union, the United States and the United Kingdom have repeatedly tightened sanctions against Russia. Export goods were also subject to restrictions. In particular, almost half (49%) of its exports to the country (as of 2021) were under EU sanctions. The tenth package of restrictive measures that the European Union has imposed against Russia includes a ban on the export of bitumen and synthetic rubber from Russia.
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