G7 nations announce plan to impose more sanctions against Russia; pledge USD 29.5bn support to Ukraine

Schloss Elmau: The Group of Seven (G7) leaders on Monday said they intend to continue to impose individual sanctions against Russia amid a “devastating war” that has produced dramatic consequences far beyond Europe. Condemning unprovoked and unjustifiable war, the leaders pledged USD 29.5 billion worth of support to Ukraine to help the country close its financing gap and continue ensuring the delivery of basic services to the Ukrainian people. “We remain appalled by and continue to condemn the brutal, unprovoked, unjustifiable and illegal war of aggression against Ukraine by Russia and aided by Belarus. We condemn and will not recognise Russia’s continued attempts to re-draw borders by force. This devastating war has produced dramatic consequences far beyond Europe,” the leaders said in a joint statement. “We will continue our targeted use of coordinated sanctions for as long as necessary, acting in unison at every stage. Our use of sanctions is in defence of the rules-based international order that Russia has so egregiously violated. To this end, we endorse the annex on Supporting Ukraine Through Responsible Sanctions Against Russia,” they added. The G7 countries said they will cut off Russia from participating in world markets, as well as limit its revenues, including from gold exports. “We will continue to explore new ways to isolate Russia from participating in the global market and crack down on evasion. We are determined to reduce Russia’s revenues, including from gold. We will also continue to target evasion and backfilling activities. We will further reduce Russia’s export revenues by taking appropriate steps to further reduce dependency on Russian energy,” the leaders said. The group also plans to further limit Russia’s access to “key industrial inputs, services, and technologies produced by our economies, particularly those supporting Russia’s armament industrial base and technology sector. Read all the Latest News , Trending News ,  Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.