World (Times Of Ocean)- The world’s leading economies have announced seven actions to put additional pressure on the Russian economy.
The Group of Seven announced Friday it will take further measures against the Russian economy as soon as possible amid the war in Ukraine.
In the first action, Russia will not be given most-favored-nation status for key products.
“This will revoke important benefits of Russia’s membership of the World Trade Organization and ensure that the products of Russian companies no longer receive Most-Favoured-Nation treatment in our economies,” the G7 said in a statement.
Second, Russia will not be allowed to obtain financing from multilateral financial institutions, such as the World Bank, the International Monetary Fund, and the European Bank for Reconstruction and Development.
“Russia cannot grossly violate international law and expect to benefit from being part of the international economic order … We also welcome the steps the OECD (Organization for Economic Co-operation and Development) has taken to restrict Russia’s participation in relevant bodies,” it said.
Third, G7 will keep pressure on the Russian elites, proxies, oligarchs, families, and enablers of President Vladimir Putin.
“We commend the work done by many of our governments to identify and freeze mobile and immobile assets belonging to sanctioned individuals and entities, and resolve to continue this campaign of pressure as a matter of priority,” the statement said.
In the fourth action, the Russian government and elites, proxies, and oligarchs will not be able to use digital assets to circumvent international sanctions.
Fifth, G7 countries prepare to impose further restrictions on exports and imports of key Russian goods and technologies in order to stymie the Russian regime’s attempts to spread disinformation, while sixth, they are ready to deny Russia revenues by increasing restrictions on exports and imports.
“Seventh, Russian entities directly or indirectly supporting the war should not have access to new debt and equity investments and other forms of international capital,” the G7 said.
“We will continue working together to develop and implement measures that will further limit Russia’s ability to raise money internationally,” it added.
The G7 consists of the world’s seven largest advanced economies: Canada, France, Germany, Italy, Japan, the UK, and the US.