G7 countries are considering an almost complete ban on exports to Russia
Only medicines and food may be an exception
Some of Ukraine's key allies, including the United States, are considering a near-total ban on exports to Russia, which could lead to a significant increase in economic pressure on Russian dictator Putin over the war in Ukraine.
Source. Bloomberg
Representatives of the G7 are discussing this idea ahead of the leaders' summit in Japan in May, and the goal is to involve EU member states in the sanctions. The proposal is still under discussion and could change, the sources said.
If the proposal is adopted, it will completely change the regime of sanctions against Russia from a prohibitive to a permissive one. Thus, only specific export items will be allowed, while the rest will be banned. The list of permitted items is likely to include medical and agricultural products.
Sanctions against Russia have cut EU exports to Russia by almost half.
However, Russia still receives $66 billion worth of goods from Europe, the United States, Canada and Japan.
In its turn, Russia has limited its exports to the EU and periodically restricts electricity supplies.
Background. It was also reported that the EU does not plan to impose new sanctions against the Russian economy.
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