G7 Allies Consider Outright Ban of All Exports to Russia
Washington is in discussion with several Western partners about outright ending trade with Russia. The debate is occurring as the US-led economic war on Russia has failed to stop Moscow’s war machine in Ukraine.
According to Bloomberg News, members of the Group of 7 (G7) are considering banning exports to Russia. The debate is occurring among member states – the US, Britain, Canada, France, Germany, Italy, Japan and the European Union – ahead of an international summit in May.
Members of the G7 have maintained significant exports to Russia since Washington declared it would isolate Moscow using sanctions. According to Trade Data Monitor, $66 billion in goods have flowed to Russia from member states.
The proposed ban will essentially switch the way Washington outlaws trade with Russia. Currently, the US and its allies are blacklisting Russian products, companies and individuals. If adopted, the export ban will prohibit all trade with Moscow that is not explicitly exempted from Western sanctions.
