According to latest reports, sanctions against Russia have left the country more isolated than at any time since the aftermath of the Bolshevik Revolution in 1917, when the country was blockaded by World War I allies.
The Group of Seven summit, which begins Friday in Japan’s Hiroshima, is anticipated to tighten the sanctions even more in an attempt to force Moscow to cease its war in Ukraine.
The G7 has plenty of room to exert more pressure on Russia despite the fact that the current sanctions are some of the harshest ever imposed on a major economy.
However, disagreements over crucial issues like energy and the generally mixed results of the sanctions threaten to derail efforts to subdue Moscow.
A key focus of the G7 members – the United States, Canada, Japan, the United Kingdom, France, Germany and Italy – is expected to be enhancing the enforcement of existing sanctions, including clamping down on sanctions evasion involving third countries.
On Saturday, G7 finance ministers and central bank governors pledged in a joint statement to counter “any attempts to evade and undermine our sanction measures.”
The EU, which participates in G7 events as a “non-enumerated” member, is considering penalties for companies that help Russia get around sanctions, which would bring the bloc closer into alignment with the US sanctions regime.
