G7 Takes Stronger Stance on Sanctions Against Russia Amid Ukraine Conflict

The G7 is expected to announce a new set of sanctions against Russia during their summit in Japan, with a focus on closing loopholes and ensuring the sanctions are painful for Russia. The EU is working on a plan to restrict trade in Russian diamonds and trace the trade to prevent Russia from skirting the restrictions. Some Chinese companies that are thought to be supplying components to Russia that can be used for military equipment are on the list of entities that might be sanctioned. The impact of previous sanctions has hit Russian banks, wealthy individuals, and technology imports, but economic life for ordinary Russians hasn’t changed much.