The G7 leaders and the European Union (EU) have decided to increase economic sanctions imposed on Russia as a result of its invasion of Ukraine. ayokinews.com reports
Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States are among the G7 members.
A statement released by the White House on Friday, claimed this would further isolate Russia from the global banking system.
After Russia invaded Ukraine on February 24, the US and its western allies imposed harsh sanctions on it.
Selected Russian banks were taken off the SWIFT international payment system last month.
Both the Russian economy and the world economy are projected to be impacted by these sanctions.
Each partner will carry out activities in accordance with their own national processes, according to the statement.
“These actions will collectively ramp up pressure on Putin and build on the unprecedented package of economic sanctions and export controls the United States, and over 30 countries have already imposed on Russia,” the statement reads.
It further stated that President Joe Biden will work closely with Congress to deprive Russia the benefits of its WTO membership and to guarantee that Russian products do not enjoy “most favoured nation” treatment in the country’s economy.
“The United States Congress has demonstrated bipartisan leadership to revoke Permanent Normal Trade Relations for Russia, and President Biden looks forward to signing a bill into law.”
“Together with similar actions by the G7, following our respective national processes, this collective action by more than half of the global economy will deliver another serious economic blow to Russia.”
The G7 leaders stated that they would ensure Russia is denied access to global financial institutions, according to the statement.
“The G7 Leaders will agree to ensure Russia cannot obtain financing from the leading multilateral financial institutions, such as the International Monetary Fund and the World Bank. Russia cannot grossly violate international law and expect to benefit from being part of the international economic order,” it said.
Vladimir Putin had earlier termed the sanctions imposed on Russia by western countries in response to the invasion of Ukraine as akin to a declaration of war.