With the G20 (“Group of Twenty”) summit scheduled for April 20, Japanese media have claimed that G7 finance ministers and central bank governors are expected to meet on the sidelines of the intergovernmental forum meeting. According to a report by Kyodo News, the leaders of the G7 countries – the United Kingdom, Canada, France, Germany, Italy, Japan and the United States – should discuss imposing new sanctions on Russia for its action against Ukraine. Additionally, the sources told Japanese media that the leaders would also discuss ways to mitigate the backlash from the sanctions, including a spike in prices.
Notably, while Russia is waging a war against Ukraine, the European Union and several other countries have imposed several rounds of punitive measures against the Kremlin. At the latest, the European Union on Tuesday announced the fifth round of sanctions against Moscow, aimed at hitting the massive revenues generated by the energy sector. Under new sanctions announced by European Commission President Ursula von der Leyen, the bloc will impose a ban on coal imports from Russia worth 4 billion euros ($4.39 billion). ) per year.
Washington demands Russia’s withdrawal from the G7
Announcing the measures on Tuesday afternoon, she said coal was a vital source of income for Russia and therefore it was crucial that the European Union ban its import. However, the sanctions led to a sudden spike in oil and gas prices in the country. Along with a ban on Russian coal imports, it also imposed a complete ban on transactions on four key Russian banks, including VTB, Russia’s second-largest bank. Additionally, US President Joe Biden has demanded that Russia be removed from the group of the world’s largest economies, with Treasury Secretary Janet Yellen hinting that the US could boycott G20 meetings if Russian officials attend.
With ANI inputs
Follow all the news and headlines from the Russian-Ukrainian war on Live updates from the Russia-Ukraine war