The G7 countries will develop a mechanism to limit the price of Russian oil and try to restrict Russia’s access to industrial resources in the defense sector, a senior US official said on Monday.
In a meeting with journalists, the same source explained that the leaders of the seven most industrialized nations in the world, who are meeting in Elmau, Germany, also want to coordinate the use of customs duties on Russian products to help Ukraine.
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Details of how the mechanism to impose a global price cap on Russian oil works, as well as its impact on the country’s economy. will be resolved by the G7 finance ministers in the coming weeks and monthssaid the official source quoted by the news agencies AFP, AP and EFE.
The US administration official, who spoke to reporters on condition of anonymity, stressed that the new sanctions will target the Russian defense sector in particular.
He said the US Department of State and Treasury will announce sanctions on Tuesday against “major state defense companies,” dozens of Russian entities and individuals that will target Russia’s military supply chain.
The objective is limit Moscow’s ability to replace military equipment it lost in the war which began in Ukraine on February 24, according to the source.
Sanctions to be announced by the United States on Tuesday will also target private military companies operating in Ukraine and Russian military units that are “believed to be involved in rights abuses or violations of international humanitarian law in Ukraine,” it said.
Sanctions will also be imposed on those who participate in “Russia’s tactics to steal Ukrainian wheat or those who profited illegally from the fighting”said the same source.
Under the presidency of Germany, the meeting in the Bavarian Alps is also attended by the leaders of Canada, the United States, France, Italy, Japan and the United Kingdom, as well as the European Union (EU).
President of Ukraine Volodymyr Zelensky is participating in the meeting via videoconference.
Source: Observadora
