In particular, they are ready to continue to take measures to make it impossible for Russia to obtain advanced technologies and revenues for waging war.

The leaders of the “Big Seven” countries (Germany, Great Britain, the United States, Canada, France, Italy and Japan) and the leadership of the European Union announced the next steps in the introduction of sanctions against Russia.

This is stated in the statement of the G7 leaders, published as a result of the communication with the President of Ukraine Volodymyr Zelensky on the website of the European Council.

“We remain determined to present a united front through the use of new coordinated economic actions against Russia in the coming days and weeks,” the statement emphasized.

In particular, the leaders announced new sanctions that they intend to introduce.

First, they promise to maintain, fully implement and expand those economic sanctions that have already been applied, including preventing cases of evasion or circumvention of these sanctions through the creation of a coordination mechanism to ensure compliance with the sanctions.

“We call on third countries or other international actors that seek to circumvent or undermine our measures to stop providing material support for Russia’s war or face serious consequences (to pay the price for these actions),” the statement said.

EU leaders, in order to curb such activities around the world, resort to actions against entities from third countries that materially support Russia’s war against Ukraine.

Second, the G7 leaders are determined to prevent Russia from finding new ways to obtain advanced technologies and materials, military and industrial equipment that can be used to develop its industrial sector and further violate international law. In particular, they promise to approve measures that would prevent Russia from obtaining resources to support its military and industrial sectors, including industrial equipment, tools, construction equipment and other technologies that Russia uses to rebuild its war machine.

Third, the G7 leaders will continue to cut Russia’s earnings to finance illegal aggression by taking steps to limit Russia’s earnings from energy exports.

Fourth, the leaders will work to reduce Russia’s income from the sale of diamonds.

Fifth, G7 leaders are working on additional measures regarding the Russian financial sector to undermine Russia’s ability to conduct illegal aggression. In particular, restrictions will be introduced against additional Russian financial institutions to make it impossible to circumvent previously imposed sanctions.

Sanctions will also continue to apply against those who commit war crimes and violate human rights, or those who profit from war.

Sanctions against Russia – details

On February 15, 2023, the European Commission officially presented the 10th package of sanctions against the Russian Federation. It proposes to introduce new bans on the export to Russia from the EU of critical technologies and industrial goods worth more than 11 billion euros.

As of February 23, 2023, the EU countries failed one of the points of the tenth package of sanctions against the Russian Federation. More than 10 states opposed the introduction of fines for failure to report on the location of Russian assets.

Today, February 24, the United States of America expanded sanctions against Russia. 22 individuals and 83 legal entities of the Russian Federation were included in the list of sanctions.