As the G7 summit commences today, Friday, May 19, 2023, the leaders present are set to find new ways to punish Russia for its invasion of Ukraine.
World leaders visited a peace park dedicated to the tens of thousands who died in the world’s first wartime atomic bomb detonation.
After group photos near the city’s iconic bombed-out dome, a wreath-laying and a symbolic tree planting, a new round of sanctions were to be unveiled against Moscow, with a focus on redoubling efforts to enforce existing sanctions meant to curtail Russia’s war effort and hold accountable those behind it, a U.S. official disclosed.
Russian President Vladimir Putin’s nuclear threats against Ukraine, along with North Korea’s months-long barrage of missile tests and China’s rapidly expanding nuclear arsenal, have resonated with Japan’s push to make nuclear disarmament a major part of the summit.
The U.S. official, who spoke on the condition of anonymity, divulged that the U.S. component of the actions would blacklist about 70 Russian and third-country entities involved in Russia’s defense production, and sanction more than 300 individuals, entities, aircraft and vessels.
The official added that the other G7 nations would undertake similar steps to further isolate Russia and to undermine its ability to wage war in Ukraine.
The European Union was focused on closing the door on loopholes and plans to restrict trade in Russian diamonds, Charles Michel, President of the European Council, stated.
Michel added that the G7 would also try to convince leaders of countries that are non-member guests at the summit as to why it is needful to enforce sanctions.
Japanese Prime Minister, Fumio Kishida, who represents Hiroshima in parliament, wants nuclear disarmament to be a major focus of discussions, and he formally started the summit at Hiroshima’s Peace Memorial Park.
Russia; The Most-Sanctioned Country In The World
Russia is now the most-sanctioned country in the world. However, there are queries concerning the effectiveness of the financial penalties.
The United States has frozen Russian Central Bank funds, restricted banks’ access to SWIFT; the dominant system for global financial transactions, and sanctioned thousands of Russian firms, government officials, oligarchs and their families.
Last year, the G-7 nations collectively imposed a $60 per-barrel price cap on Russian oil and diesel, which the U.S. Treasury Department on Thursday, May 18, 2023, defended in a new progress report, stating that the cap has been successful in suppressing Russian oil revenues.
Treasury cites Russian Ministry of Finance data showing that the Kremlin’s oil revenues from January to March this year were more than 40% lower than last year.
“The challenge is to make sure the sanctions are painful against Russia, not against ourselves. It’s very clear that each package is more difficult than the previous one and requires more political effort to make a decision.”
Charles Michel
G7 leaders and invited guests from several other countries are also expected to discuss how to deal with China’s growing assertiveness and military buildup as concerns rise that it could try to seize Taiwan by force, sparking a wider conflict. China claims that Taiwan belongs to its territory.
Host country Japan lengthened the invite list to include Australia, India, Brazil, South Korea, Vietnam, Indonesia, Comoros (representing the African Union) and the Cook Islands (representing the Pacific Islands Forum).
