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Financial Times: EU, Japan resist US plan to ban all G7 exports to Russia

by The Kyiv Independent news desk April 25, 2023 10:45 AM 1 min read
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The European Union and Japan have opposed the U.S. proposal for G7 countries to ban all exports to Russia, the Financial Times reported, citing three people familiar with the discussions.

A G7 leaders’ statement, which is being prepared for their meeting in Hiroshima next month, includes a promise to replace the current system of sectoral sanctions against Russia with a complete ban on exports with several exceptions, according to documents obtained by the FT. Exemptions would be made for agricultural, medical, and some other goods.

However, representatives of Japan and EU countries spoke against the U.S. proposal at a meeting held last week, according to the FT sources. “From our perspective, it is simply not doable,” one of the unnamed officials told the publication.

The officials fear that the U.S. proposed exports ban risks renewing drawn-out debates among EU member states like those around the 10th package of sanctions against Russia and potentially weakening measures already in place.

The White House National Security Council declined to comment for the FT on the talks with G7 partners, saying the U.S. “would continue to look for ways to hold Russia accountable.”

So far, sanctions have almost halved the value of EU and G7 exports to Russia, Bloomberg wrote on April 20. 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.

Bloomberg: US, Ukraine allies weigh near-total ban on exports to Russia
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.
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