The United States introduced significant new sanctions targeting Russia’s “war machine” on Friday in a bid to disrupt arms supplies and further reduce dependence on Russian energy.
According to the French news agency AFP, these sanctions were announced at a time when US President Joe Biden is meeting with fellow leaders of the G7 in Japan.
The heads of seven advanced nations are gathering in Hiroshima to discuss how to respond to China’s growing military and economic power while further affecting Russia’s troubled economy.
“This is a most important effort that will greatly limit Russia’s access to the equipment it needs on the battlefield,” a senior US administration official said.
According to the official, this action will block about 70 entities from Russia and other countries from receiving US exports by adding them to the Commerce blacklist. Apart from this, more than 300 new restrictions will be imposed on individuals, organisations, ships, and aircraft.
He added that other members of the Group of Seven were also “preparing to implement new sanctions.”
The US administration official says the bloc wants to disrupt the supply of military equipment and further reduce dependence on Russian energy.
The move would also affect Moscow’s access to the international financial system and freeze Russian assets until the end of the war in Ukraine.
On Thursday, an EU official said Russia’s multibillion-dollar diamond industry was also a possible target for talks.
“We believe there is a need to limit exports from Russian trade in this sector,” the official said. In order to take any step in this regard, it is necessary to get Indian support.
Russia supplies precious stones to India and the war in Ukraine has affected the diamond trade in India.
“We would like to talk to them because the diamond industry is very important in India,” the official said.
It will be the first time for G7 leaders to take their case directly to Indian Prime Minister Narendra Modi, who has strong defense ties with Russia. India had refused to condemn Moscow’s attack.