G7 and EU Discuss Tightening Sanctions on Banks
According to Bloomberg, G7 countries along with the European Union are considering the possibility of tightening the screws on banks that facilitate Russia in bypassing sanctions imposed due to military aggression in Ukraine. Discussions are taking place ahead of the G7 meeting, where government leaders plan to coordinate measures for more effective implementation of sanctions against Russia.
It was also mentioned that the European Union is considering the introduction of tariffs on Russian goods that currently do not fall under sanctions. According to David O’Sullivan, the EU’s special representative for sanctions, the Kremlin has already suffered a loss of 400 billion euros in revenue due to sanctions against Russia.
