G-7 Leaders Commit to Expanding Russia Sanctions, Enforcement
The G-7 and the EU last week committed to expanding sanctions against Russia and picking up enforcement efforts to counter Moscow’s sanctions evasion tactics. In a joint statement released Feb. 24, the group’s leaders said they “will maintain, fully implement and expand the economic measures we have already imposed” and establish an “Enforcement Coordination Mechanism to bolster compliance and enforcement of our measures and deny Russia the benefits of G7 economies.”
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The group also called on third countries, including nations that “seek to evade or undermine our measures,” to stop providing support to Russia or “face severe costs.” They also said they plan to prevent Russia from finding “new ways” to import advanced materials -- including Moscow’s purchases of industrial machinery, tools, construction equipment and other technology -- and plan to impose more sanctions against the country’s financial sector.
“We are determined, consistent with our respective legal systems, that Russia's sovereign assets in our jurisdictions will remain immobilized until there is a resolution to the conflict that addresses Russia's violation of Ukraine's sovereignty and integrity,” the leaders said, adding that any resolution to the conflict must make Russia pays for the damage it caused. “We will work with partners beyond the G7 which hold those Russian sovereign assets to build the broadest coalition possible to advance these objectives.”