2023-04-21 18:03:00
US open to it
G7 consider complete embargo on Russia
4/21/2023, 8:03 p.m
In many places, Russia has managed to circumvent Western sanctions. The G7 are therefore discussing a comprehensive export ban on Western goods, which would be tantamount to an embargo. Moscow warns of a global economic crisis.
According to diplomats, further restrictions on trade with Russia are being discussed in the group of leading western industrial nations (G7). According to insiders, the United States, among others, is open to banning exports to the country in principle and only making exceptions possible for carefully selected products. This might be, for example, agricultural products and pharmaceuticals.
So far, export bans have only been imposed on selected products in response to Russia’s war of aggression once morest Ukraine. In the EU, these include, for example, aircraft, luxury goods and certain computer chips. In principle, exports to Russia are still permitted.
The Kremlin in Moscow warned that a complete ban on exports to Russia might also affect the international community: “We assume that the current sanctions that have been imposed on our country and the new additional steps that Brussels and Washington may now be considering , in any case will of course also affect the global economy,” said Kremlin spokesman Dmitry Peskov, according to the Interfax agency. “Therefore, this can only lead to an increased trend towards a global economic crisis.”
Unanimity principle of the EU is a hurdle
EU diplomats in Brussels emphasized that talks are still in their infancy. The next package of sanctions by the EU once morest Russia should therefore initially focus on further restricting the possibilities of circumventing sanctions via third countries. A major hurdle for a complete ban on exports to Russia is that it would have to be decided unanimously within the EU.
Meanwhile, the United States is warning European countries once morest Russian attempts to procure sanctioned goods. The head of department at the US Treasury Department, Brian Nelson, will therefore travel to various European countries – including Germany – next week to speak with representatives of the respective governments. According to a paper viewed by Archyde.com, more than a dozen product groups are involved, including electronic components and optical systems.
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