Russia Slapped with More Sanctions | G7 Vows to Ban Russian Crude Oil

<WikiFX Malaysia Original: Editor – Fion>

More sanctions on Russia by the U.S. and the U.K.

According to a White House statement released on May 8, the U.S. will impose a new round of sanctions against Russia. Firstly, the U.S. will ban Russian companies and citizens from using U.S. accounting, marketing, and consulting services. The U.S. also intends to sanction three major Russian state-owned television stations and impose additional export controls on Russia's industrial sector. The new export controls will prohibit U.S. exports to Russia of industrial products such as engines and bulldozers. These sanctions are expected to take effect on May 9. Also, the U.S. imposes visa restrictions on 2,600 Russian and Belarusian officials and sanctions on Russian bank executives.

Britain's International Trade Department said that the U.K. will significantly increase tariffs by an additional 35% on 1.4 billion pounds worth of Russian imports, mainly precious metals such as platinum and palladium and chemicals.

In addition, the British government will also prohibit the export of goods to Russia, including key materials in the fields of chemicals, plastics, rubber, and machinery, worth more than 250 million pounds. With this round of sanctions, the total value of British products targeted at Russia for full or partial trade sanctions since the outbreak of the Russo-Ukrainian war exceeds 4 billion pounds. Previous rounds of UK sanctions have mainly targeted the energy sector, and have also included freezing the assets of Russia's largest banks, as well as sanctioning individuals and organizations primarily involved in information and media.

G7 steps in to ban Russian oil and looks for other options

Leaders of the G7 countries have announced to gradually ban imports of Russian crude oil during a video conference with Ukraines President Zelensky on Sunday.

Several members of the G-7 have expressed a commitment to diversifying their energy supplies and reducing their dependence on Russian supplies. The United States and Britain have announced bans on imports of Russian oil, while Germany, the largest economy backbone of the European Nation (EU), declares its determination to free the EU from Russian supplies by next January.

According to the G7 statement, country leaders will gradually work to eliminate dependence on Russian energy, including by slowly reducing or prohibiting imports of Russian oil. This approach would be performed in a timely and orderly manner in order to not further disrupt the global oil prices. Moreover, these leaders will work in collaboration with partners to transition to clean energy resources in accordance with climate goals.

The statement also included a commitment to continuously restrict Russian banks‘ ties with the outside economy that is critical to the Russian financial system; to curb Moscow’s propaganda; and to reduce the support of Putin from elite families that could potential provide financial support.

<WikiFX Malaysia Original: Editor – Fion>