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As part of its most recent round of sanctions on Russia for invading Ukraine, the United Kingdom put a ban on the importation of Russian diamonds. According to legislation that will be adopted later this year, imports of copper, aluminium, and nickel with a Russian provenance will be prohibited. According to the BBC, the export value of the Russian diamond sector was $4 billion (£3.2 billion) in 2021. At the same time that Ukraine is reportedly shooting down more Russian missiles, Russia has recently upped the frequency of its missile attacks on that country.
Before the G7 summit in Hiroshima, UK Prime Minister Rishi Sunak reportedly declared that his country must demonstrate that “violence and coercion do not reap rewards.”
#WATCH | US President Joe Biden arrives at the Hiroshima Peace Memorial Park in Japan.
Japanese Prime Minister Fumio Kishida welcomes him and other G7 leaders. #G7HiroshimaSummit pic.twitter.com/aE4DN8vqhF
— ANI (@ANI) May 19, 2023
The report indicated that the UK government also intended to target 86 individuals and organisations linked to Russian President Vladimir Putin, including those who are “actively undermining the impact of existing sanctions.”
Following Russia’s invasion of Ukraine, the UK has so far targeted more than 1,500 people and organisations and frozen more than £ 18 billion in assets. According to Downing Street, more than 60% of the Russian President’s war chest, or roughly £275 billion, has been “immobilised,” according to the BBC.
Similar penalties were previously announced by the US and the EU after US President Joe Biden revealed measures to outlaw Russian vodka, seafood, and diamonds.
Sanctions by the US will target Russia’s “War Machine”
New sanctions against Moscow are also being introduced by the US and its other G7 members. According to the news agency AFP, a senior US administration official announced that the US would add 70 additional entities from Russia and “other countries” to its blacklist.
According to the person, who was quoted by AFP, “and there will be upwards of 300 new sanctions against individuals, entities, vessels and aircraft.” Russian ‘war machine’ will be the focus of further US sanctions at the G7, according to AFP.
The G7 is considering several strategies, including cutting-edge tracing technologies, to collectively stifle Russia’s diamond trade.
In an effort to hinder Russia’s capacity to finance the conflict in Ukraine, the US, UK, Canada, and Japan all outlawed the import of Russian gold last year.
Ukraine War Is Likely To Focus Mostly On Agena After visiting the peace park memorials and museum in Hiroshima with Japanese Prime Minister Fumio Kishida on Friday, where they will see the evidence of the pain and damage brought on by the city’s 1945 atomic blast, the G7 Meeting Talks will formally begin.
Before a conference where the Ukraine war and economic security are anticipated to be high on the agenda, G7 leaders including US President Joe Biden, French President Emmanuel Macron, and UK Prime Minister Theresa May are visiting the site of the first nuclear bomb blast at the Hiroshima Peace Park.
The UK Prime Minister is anticipated to caution other world leaders “against complacency in defending our values and standing up to autocratic regimes” during the summit.
Sunak will meet PM Narendra Modi on Sunday, who is a guest at the G7 summit.
According to the BBC, Sunak reported to reporters accompanying him in Japan that he had observed “positive” changes in India’s stance on the conflict.
The G7 was united in the face of the Russian threat, according to the UK Prime Minister, as evidenced by the penalties. “Today’s gathering will take place at Hiroshima, a place that perfectly captures both the horrors of war and the benefits of peace. As reported by the BBC, he added, “We must step up our efforts to protect the principles of liberty, democracy, and toleration both in Ukraine and here in the Indo-Pacific.
