Several Ukraine's key partners, including the U.S., are considering an almost complete ban on exports to Russia over its war, Bloomberg reported on April 20, citing people familiar with the issue.
Ahead of a G7 summit in Japan, the group's officials are discussing an idea that would reverse the existing sanctions regime, with all exports banned unless exempted, the people said. Under the current system, all exports are allowed if they are not subject to sanctions.
If Group of Seven leaders support the move at the May summit, exceptions must be agreed upon. According to a Bloomberg source, medicines and agricultural products, including food, will likely be exempted from sanctions.
So far, sanctions have almost halved the value of European Union and G7 exports to Russia, the publication wrote. According to the Geneva-based Trade Data Monitor, goods from Europe, the U.S., Canada, and Japan, which still reach Russia, are worth about $66 billion.
G-7 members worry that is too much of a benefit for Russia's economy, especially with Moscow finding ways to bypass sanctions through third countries.
Germany, Italy, and Poland remain the three largest European product exporters to Russia, as Trade Data Monitor has found out.