Wealthy G7 nations gearing up for new volley of sanctions on Russia

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BENGALURU — The Group of Seven nations are preparing new, further-reaching sanctions on Russia a year after its invasion of Ukraine, targeting key economic sectors and other countries or organizations who help Moscow’s war effort.

Leaders of the bloc of developed nations will meet virtually on Friday with Ukrainian President Volodymyr Zelenskiy to mark the one-year anniversary of Russia’s invasion, and are expected to announce the sanctions package.

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Current G7 president Japan said it was considering new measures, without giving any details, and called for a unified stance towards Moscow.

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“Russia is refusing to change their hardline stance,” Japanese Prime Minister Fumio Kishida said at a news conference to mark the anniversary.

“The international community must come together and show solidarity and impose strong sanctions against Russia.”

Earlier, Britain and the United States separately imposed new sanctions including export bans and tariffs on all materials used in the war, as well as “third country actors” supporting Russia’s war effort across Europe, Asia and the Middle East.

The G7 groups Canada, France, Germany, Italy, Japan, Britain and the United States. The same group came together last year hours after Russian President Vladimir Putin launched his invasion of Ukraine, imposing the first round of a series of sanctions.

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G7 finance ministers, at a meeting of the wider Group of 20 countries hosted by current G20 president India, have called for tougher sanctions as well as more financial aid for Ukraine.

French Finance Minister Bruno Le Maire told Reuters that G20 financial leaders must condemn Russia’s aggression against Ukraine. Italian Economy Minister Giancarlo Giorgetti called for any G7 sanctions to be extended to the G20, or else “the effects risk falling short of our expectations.”

India, which has maintained a neutral stance on the conflict, does not want the G20 to discuss additional sanctions on Russia. G20 officials told Reuters it was also pressing to avoid using the word “war” to describe the conflict in G20 communique language.

India has vastly increased its purchases of cheaper Russian oil since the conflict began.

Russia calls its actions in Ukraine a “special military operation.”

Speaking at the G20, U.S. Treasury Secretary Janet Yellen accused Russian officials of being “complicit” in atrocities in Russia’s invasion of Ukraine. (Writing by Miral Fahmy; Editing by Catherine Evans)