The United States is set to unveil new sanctions and export control measures against Russia during the upcoming G7 summit, which is scheduled to take place in southern Italy later this week, according to White House spokesperson John Kirby.
Background of the G7 Summit
The annual G7 summit, representing the world's most economically developed democratic nations, is to be hosted in Apulia, Italy, at the Borgo Egnazia hotel from June 13 to June 15. The summit brings together leaders from the United States, Japan, Canada, Germany, France, Italy, and the United Kingdom, with the European Union also participating in all discussions, represented by the presidents of both the European Council and the European Commission.
Details of the New Measures
Kirby elaborated that the forthcoming sanctions and export controls are aimed at targeting organizations and networks that assist Russia in its ongoing war efforts. "We will continue to impose costs on the Russian war machine," Kirby stated, emphasizing the commitment of the U.S. to challenge Russian military actions.
Summit Discussions
The G7 summit will kick off with discussions focused on issues concerning the African continent, climate change, and global development. This will be followed by discussions on the Middle East situation before moving to two sessions dedicated to Ukraine, the first of which will include participation from Ukrainian President Volodymyr Zelensky.
A significant focus of the summit will be on whether the G7 leaders can agree on how to utilize profits from Russian assets frozen in the West to benefit Ukraine.
Warnings to Chinese Banks
In addition to the new sanctions against Russia, the White House expects that the G7 will issue a stern warning next week to mid-sized and small Chinese banks that have been helping Russia circumvent Western sanctions.
Broadening Sanctions
Sources in Washington indicate that the U.S. is prepared to announce significant new sanctions against financial institutions and non-bank entities that are part of the "supply channels of technology and goods" for the Russian military-industrial complex. It remains unclear whether other G7 participants will adhere to the U.S.'s stringent stance.
Summit Duration and U.S. Participation
Officially, the summit will conclude on June 15. However, President Joe Biden will fly to Italy on the night of June 14, with his agenda on Saturday only officially listing a final press conference by Italian Prime Minister Giorgia Meloni and several bilateral meetings with allied country leaders.
The announcement of new sanctions at the G7 summit underlines the ongoing global response to Russia's military actions and the collaborative efforts of the world's leading democracies to address key international issues through coordinated economic and political strategies.
