On Thursday, the Group of Seven countries announced new economic sanctions against Russia, including a ban on all new investments in key sectors, in response to the “continued escalation of the war” in Ukraine.
“We prohibit any new investment in the main sectors of the Russian economy, including energy,” the group said in a statement, also declaring “additional sanctions on the Russian defense sector” and “elites” who support the war waged by Russian President Vladimir Putin.
The ban on the export of certain goods to Russia, as well as restrictions on imports from Russia, will be expanded, while restrictions will be tightened on Russian banks and government-owned companies.
Sanctions will be imposed on the Russian defense sector in order to “eliminate the capabilities of the Russian military to wage war”.
The group’s leaders also vowed to “escalate the campaign against elites and their family members who support President Putin in his war.”
While the Group of Seven did not impose a blanket ban on energy imports, it said it would “accelerate” plans to stop reliance on Russian fossil fuels.
Russian coal will be phased out and eventually banned, with a pledge to speed up measures to reduce dependence on Russian oil.
Earlier on Thursday, the G7 foreign ministers called on the United Nations General Assembly to suspend Russia from the Human Rights Council over “heinous acts and atrocities in Ukraine”.
The United Nations General Assembly, which includes 193 member states, voted to suspend Russia from the council, with 93 votes in favour. Fifty-eight members abstained from the vote, which shows the weakness of international unity against Russia.
Among the countries that opposed the measure was China, an ally of Moscow, which has often refrained from criticizing the invasion.