Monday, May 29, 2023

G7 tightens sanctions against Russia

Leaders of the world’s richest democracies have agreed tougher sanctions against Russia, while stressing the need to reduce trade reliance on China in a draft statement to be released after their talks in the Japanese city of Hiroshima.

Leaders of the Group of Seven (G7) have pledged to ban any exports to Russia that could help it in its war against Ukraine.

“This includes exports of industrial machinery, equipment and other technologies that Russia uses to rebuild its war machine,” they said in a joint statement.

As for China, which the G7 powers increasingly see as a threat to economic security, they had to agree that its status as the world’s second-largest economy meant it was more likely to seek cooperation. There was no other option.

Our political approaches are not designed to harm China, we do not intend to thwart China’s economic progress and development.”

However, they urge action to “reduce overdependence” in critical supply chains and to counter “harmful practices” in technology transfer and data disclosure.

He also reaffirmed the need for peace and stability in the Taiwan Strait and urged China to pressure Russia to end its military aggression against Ukraine.

The members of the G7, which are the United States, Japan, Germany, the United Kingdom, France, Canada and Italy, took advantage of the weekend meeting to discuss the strategy to follow in the war that seeks to end and ratify them. Condemned Russian aggression and promised more support for Ukraine.

Nation World News Desk
Nation World News Desk
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
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