G7 gambles with fresh Russia moves

WASHINGTON－The United States and its allies on Sunday announced new sanctions against Russia over the Ukraine crisis, a move that aims to further cripple the country's economy but poses severe challenges for the global economic recovery from the pandemic.

The G7 said on Sunday that the group－comprising Western nations along with Japan－will phase out or ban imports of Russian oil, following a video conference.

According to its statement, the group of leading industrialized nations will carry out the oil ban over time in order to find alternative supplies.

It will also take further actions against Russian banks, and continue sanctions against additional individuals.

Ukrainian President Volodymyr Zelensky participated in the G7 meeting, during which he asked the member countries to provide more weapons and financial support for Ukraine.

Zelensky said Ukraine is interested in getting the M142 high-mobility artillery rocket system and M270 multiple-launch rocket system from the G7 countries, the presidential press service reported.

Ukraine, he said, needs up to $7 billion a month during the conflict with Russia, and would need about $600 billion for the post-conflict recovery.

Also on Sunday, Zelensky met Canadian Prime Minister Justin Trudeau in the capital Kyiv, where Trudeau announced more military aid to Ukraine and more sanctions against Russia.

According to a news release on Sunday, Trudeau said Canada would be providing Ukraine with additional military aid of C$50 million ($40 million), including drone cameras, high-resolution satellite imagery, and small arms, as well as ammunition.

Discussed in detail

The prime minister also said Canada will impose new sanctions on 40 Russian individuals and five entities in connection with the Kremlin and Russia's defense sector.

According to the Ukrainian presidential press service, Zelensky said: "Canada's defense support for Ukraine was discussed in detail."

Zelensky said negotiations are underway with the Canadians to lift trade restrictions for Ukrainian exporters and abolish the visa regime for Ukrainian citizens.

Besides its pledge to the G7, the US on Sunday announced new sanctions targeting Russian state media and the provision of US accounting and consulting services to Russia.

According to a fact sheet issued by the White House, the sanctions package will target Russia's three major state-controlled media outlets and prohibit US citizens from providing accounting, trust and corporate formation consultancy services, as well as management consulting, in Russia.

Briefing reporters on the sanctions package earlier in the day, a senior official in the administration of US President Joe Biden said the ban does not expand to legal services for now, but the administration is constantly "reevaluating" the sanctions and could broaden them.

The US has already moved to ban imports of Russian energy, including oil, natural gas and coal. It will also dial up its export-control measures, prohibiting US exports of industrial products like engines and bulldozers to Russia, according to the fact sheet.

Over the past months, the Western countries have imposed severe sanctions on Russia in fields such as trade, economy, finance, technology, sports and culture. The measures have provoked much debate, and they may potentially slow the recovery of the world economy from the COVID-19 pandemic.

Inflation in many countries has surged to record highs on the back of soaring global energy prices. Countries in Africa and the Middle East that rely on imports of foodstuffs and fertilizers from Russia and Belarus are facing worsening food insecurity.

The International Monetary Fund said in its World Economic Outlook report in April that increasing global energy prices have affected the euro-area economy.

In another development in the monthslong conflict, Zelensky said on Monday that Russian forces bombed a village school in eastern Ukraine, killing about 60 people.

Ukraine is bracing for more rocket attacks, an adviser to the interior minister cautioned, as he urged citizens to "please, take air alerts very responsibly today".

Xinhua - Agencies