The US and allies are considering imposing a total ban on exports to Russia. Bloomberg writes about this, citing its own sources.
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Representatives of the G7 are discussing this idea ahead of the May summit of G7 leaders in Japan. The goal is to involve the countries of the European Union in the sanctions. However, the proposal cannot yet be changed, the sources indicate.
Such an approach will reverse the current sanctions regime – all exports will be banned, and there will be only individual exceptions. Currently, all exports to the Russian Federation are allowed, if they are not subject to sanctions.
According to one of the interlocutors, it is very likely that medicines and agricultural products, including food, will remain unsanctioned. But there are potentially serious obstacles to implementation. In order for the EU to enter into force, the new criteria must be agreed upon by all member states. Now the sanctions have almost halved the cost of exports from the EU and G7 countries to the terrorist country. According to the Geneva Trade Data Monitor, goods from Europe, the United States, Canada and Japan still entering the Russian Federation are estimated at $66 billion. The G7 is concerned that this is too much benefit for the economy of the aggressor. Germany, Italy and Poland remain the three largest European exporters of goods to Russia.
At the same time, European countries continue to buy from Moscow, in particular, palladium, copper, iron and nickel.
Source: Racurs
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