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G7 agree to new sanctions on Russia

Washington, Apr 26 (): The United States and the other leaders from G7 said that they have decided to “move quickly” to enforce additional economic sanctions on Russia in reply to its actions in Ukraine.

The announcement has come after a conference call President Barack Obama held Friday with the European leaders and following a number of days of caution that Russia would face further costs if Moscow did not regard an agreement to step down tensions in Ukraine.

The new sanctions are planned to charge Russia for failing to fulfil the international agreement to help resolve the Ukraine crisis, according to a statement from G7 leaders released by the White House.

The moves are not unveiled yet, but will come into effect as early as Monday in the United States, officials have said. The other countries in the world’s major economies have also agreed to implement the move in a coordinated strike although they could differ from country to country.

However, a senior US official noted that the procedures of each country need not be the same. Some European economies are bound tightly to Russia, which is a large provider of energy. So, each nation will decide which sanctions they will enforce and these sanctions will be complementary and coordinated, but not essentially identical, the official said. He added the US sanctions could come as early as Monday.

A joint statement was released by the White House on Friday night. The G7 countries said that they would act immediately to strengthen “targeted sanctions”. Further, the statement stated that G7 would also continue to make larger sanctions on important Russian economic areas if Moscow takes more violent action.

The G7 nations also said that they were advancing forward on the directed sanctions now, because of the firmness of acquiring plans for Ukraine to hold presidential elections next month.

The G7 leaders blamed Russia of breaking word on its undertaking to use its influence to get pro-Russian militants in eastern Ukraine to disarm and leave buildings they have occupied.

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