Charles Hopson
After announcing new sanctions against Russian exports, Rishi Sunak said he wanted to make sure “Russia pays a price” for the conflict in Ukraine.
The prime minister speaking at the G7 summit in Hiroshima, Japan. claimed that he was leading the way with new sanctions against Russia while
He expressed his hope that other nations would do the same.
The government will forbid the import of Russian diamonds into the UK among other things he said.
In 2021, the export value of the Russian diamond market was $4 billion (£3.2 billion).
A bill that will be presented later this year will also prohibit imports of copper, aluminum, and nickel of Russian origin.
Aside from those who were “actively undermining the impact of existing sanctions,” the UK government said it also intended to target 86 more individuals and organizations linked to President Vladimir Putin.
Since Russia’s attack on Ukraine, the UK has targeted more than 1,500 people and organizations and placed more than £18 billion worth of assets under the sanctions regime.
Sanctions Against Russia
Russia’s ability to finance the conflict in Ukraine came under fire last year when the UK, US, Canada, and Japan banned the import of Russian gold.
More than £275 billion, or more than 60% of President Putin’s war chest, has reportedly been “immobilized,” according to Downing Street.
Similar sanctions against Russia have been announced by the US and the EU, with US President Joe Biden outlining plans to outlaw Russian diamonds, seafood, and vodka last year.
Charles Michel, the president of the European Council, claims that in an effort to further isolate Moscow, the EU also wants to impose trade restrictions on Russian diamonds.
The UK, Japan, Italy, Canada, France, the US, and Germany make up the G7, and Mr. Sunak is in Hiroshima for the summit.
Before the G7 meeting, where the Ukraine war and economic security are likely to be high on the agenda, the prime minister traveled to Hiroshima Peace Park with other G7 leaders.
This is the location where the US dropped the first nuclear bomb.
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Recently, Russia has significantly increased the number of missile attacks it launches against Ukraine, but it also seems that Ukraine is shooting down more of Russia’s missiles.
At the gathering, Mr. Sunak is anticipated to caution other world leaders “against complacency in defending our values and standing up to autocratic regimes.”.
He will meet Narendra Modi, the G7 summit’s invited guest and the prime minister of India, on Sunday.
Mr. Modi has advocated peaceful negotiation to end the conflict while remaining neutral regarding Russia’s invasion of Ukraine.
Mr. Sunak stated to reporters accompanying him in Japan that India had made “positive” strides in its position on the war.
In response to the Russian threat, the G7 was united, according to the prime minister, as evidenced by the sanctions.
We’re gathering right now in Hiroshima, a place that perfectly captures both the horrors of war and the benefits of peace, he said.
