The G7 countries intend to further restrict Russia’s access to industrial resources and technologies that support Russia’s defense.
Source: The White House
“G7 Leaders will align and expand targeted sanctions to further restrict Russia’s access to key industrial inputs, services, and technologies produced by our economies, particularly those supporting Russia’s armament industrial base and technology sector.”
Washington, in particular, will impose more blocking sanctions on large Russian state-owned enterprises in order to affect the “Russian defense supply chains.”
In addition, the US will implement a higher tariff rate on more than 570 groups of Russian products worth approximately $2.3 billion to Russia.
“These measures will restrict Russia’s ability to benefit economically from sales to the US market and are carefully calibrated to impose costs on Russia while minimizing costs to US consumers.”
The White House added that in a few months, US exports to Russia, including the critical technology needed by Putin to support his military, fell by about 97 percent. Imports to Russia of goods from around the world could fall by 40%. Russiaʼs GDP will shrink and inflation will rise to more than 20%.
See also: The US plans to purchase medium-range and long-range missile defense systems for Ukraine
