Joe Biden, President of the United States, will this week ask G7 leaders to impose an almost total ban on exports to Russia, according to a source.
According to the source, the war in Ukraine will be the central issue of the summit that the G7 will hold between May 19 and 21 in the city of Hiroshima, Japan.
Specifically, Biden wants to change the way the West has so far restricted its exports to Russia in order to eliminate the legal loopholes that have allowed the Kremlin to continue accessing certain products through third countries.
Instead of restricting exports sector by sector, Biden wants the G7 to impose a total ban on exports to Russia, with exceptions in areas such as agriculture, food, and medical materials, in order to avoid harming the population, the source said.
This proposal, driven by Washington to punish Russia for the war in Ukraine, could face difficulties in implementation within the European Union, as each of the bloc’s 27 members must agree to those measures.
In any case, if implemented, the ban would have a profound impact on the Russian economy.
After Russia invaded Ukraine in February 2022, the West imposed restrictions on the export of luxury items and materials that could be used in the war. In addition, the G7 agreed not to buy Russian crude oil transported by sea when its price exceeds $60 per barrel.
However, despite those restrictions, the G7 continues to export goods valued at $4.7 billion per month to Russia, mainly chemicals, medicines, food, and machinery, according to data from the American think tank The Atlantic Council.
If the ban were implemented, exports to Russia would be reduced by 67 percent, reaching only $1.5 billion per month, according to the same institution.
However, talks continue and the US proposal could change to address not only the doubts of some European Union countries but also of Japan, which has been cautious in dealing with Russia due to its dependence on Russian oil and natural gas.
TYT Newsroom
