G7 nations set to ‘tighten the screws’ on Vladimir Putin with a series of crippling sanctions aimed at isolating Russia

Jun 13, 2023

Some of the world's most powerful nations are set to land a crippling blow on the Russian war machine, amping up sanctions on Moscow to "economically isolate" Vladimir Putin and weaken his ability to wage conflict.

The United States will lead a fresh wave of measures targeting Russia's economic and military foundations.

Washington has flagged the annual meeting of G7 nations in the Japanese city of Hiroshima this weekend will heavily feature further actions against Moscow.

Since President Vladimir Putin launched a brutal invasion of Ukraine in February 2022, western nations have banded together to launch the largest sanctions regime in decades.

The G7 nations are expected to continue "tightening the screws" on Russia, specifically targeting its war machine through a series of economic sanctions.

Among the measures set to be announced in the Ukraine statement will be efforts to disrupt Moscow's ability to "source inputs for its war" and reduce reliance on Russian energy.

A US spokesperson, who spoke on the condition of anonymity, told reporters there would be a continued push to "squeeze" Russia's access to the international financial system along with a closure of evasion loopholes and a commitment to immobilise Moscow's sovereign assets.

"You will hear a powerful statement of unity, strength, and commitment in our response to Russia's war of aggression," the spokesperson said.

"You will see new steps taken to economically isolate Russia and to weaken its ability to wage war."

Nations are expected to outline their own individual measures with the United States set to roll out a "substantial package" to ramp up the economic pressure.

About 70 entities from Russia and third-party countries will be cut off from receiving US exports in a bid to restrict access to key battlefield amenities.

A further 300 sanctions against individuals, entities, aircrafts and vessels will also be unveiled.

"These will go after circumvention. These will go after financial facilitators, as well as future energy and extractive capabilities of Russia and other actors helping to support the war," the spokesperson said.

"We’ll also expand our sanctions authorities to additional sectors of the Russian economy key to its military-industrial complex and impose new bans to prevent Russia from benefiting from our services."

It comes almost a year after G7 nations agreed to impose a price cap on Russian oil, much to the chagrin of the Putin.

Australia joined the G7 in implementing the two price limits - USD$100 a barrel for high value and USD$45 for low value Russian refined oil.

The body has agreed to continue the price cap as well as "effective monitoring and enforcement".

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