Finance ministers from the G7 nations seek to prolong restrictions against Russia.
The finance ministers of the G7 nations are set on imposing additional penalties against Russia. They're dedicated to "expand financial and economic sanctions" as stated in the draft for their gathering in Stresa, Italy, this past Saturday. Russia's incomes derived from its energy and raw material industries are the intended targets. In February 2022, the West initiated extensive sanctions against Russia as a response to its aggression in Ukraine.
Promising developments were observed as they discussed utilizing frozen Russian assets to finance aid for Ukraine. The EU members had previously agreed, starting this week, to cover additional military assistance for Ukraine with the annual interest profits earned from said sealed Russian assets. This move is expected to provide approximately three billion euros yearly.
The US has proposed even bolder initiatives. US Treasury Secretary Janet Yellen urged her G7 colleagues to ponder "more daring alternatives" regarding aid for Ukraine's financing. The G7 consists of France, Germany, the US, Italy, the UK, Canada, and Japan. Italy currently heads the leadership. The G7 summit is scheduled to take place in Borgo Egnazia, Apulia from June 13th to 15th.
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Addressing the G7 finance ministers, the Russian G Finance Minister expressed concerns about the impact of prolonged sanctions on their country's revenue, particularly in the energy sector. In response, these ministers have reportedly considered using some of the frozen Russian assets to alleviate the financial strain of their allies, such as Ukraine.
Source: www.ntv.de
