TRUTH PUKE’S TAKE: The proposal by the US for G7 countries to impose a complete export ban on Russia, with some exemptions for agricultural, medical, and other products, has been met with resistance by the EU and Japan.
The proposal, which is being drafted for a G7 leaders’ meeting next month, seeks to replace the current sector-by-sector sanctions regime against Russia, which has been riddled with loopholes that allow Russia to import western technology. However, representatives from Japan and EU countries have suggested that the proposal would not be feasible. The EU requires all of its 27 members to agree on sanctions policy, and replacing the current regime with a full export ban plus exemptions would risk reopening debates and potentially weakening existing measures.
Other proposals listed in the draft statement include measures to restrict “evasion and circumvention” of existing sanctions and against those “wilfully supporting the financing of Russia’s war”, as well as reducing Russian energy imports and introducing a “traceability mechanism” on Russian diamonds.
The upcoming G7 summit is widely seen as an opportunity for G7 leaders to discuss and explore measures to increase the economic pressure on Vladimir Putin.
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