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JUNE 27, 2022


In Germany today, President Biden will meet with G7 leaders and President Zelenskyy to continue to fulfill our unwavering, unified commitment to support Ukraine and build on our unprecedented sanctions to hold President Putin accountable. The G7 will issue a statement of support for Ukraine, which will include significant new sanctions to intensify our economic measures against Russia.

The United States has gathered more than 30 allies and partners around the world to impose drastic costs on Russia and the US-led coalition will continue to put pressure on Putin. Over the course of a few months, U.S. exports to Russia, including critical technological inputs that Putin needs to maintain his military, have declined by about 97%. Russia’s imports of goods from around the world could decline by 40%. Factories across Russia are struggling to maintain production. Russia’s GDP is likely to decline to double-digit figures, inflation rises to more than 20%, Russia is struggling to pay off bonds, and Russia has not reaped its sovereign debt for the first time in more than a century.

Our measures will continue to disrupt Putin’s military-industrial complex of critical components, impede the central bank’s foreign reserves to sustain a sick economy and deprive Putin of the resources he needs to wage his war, and hold the crippling grid accountable for its evil. obtained gains. The effectiveness of our measures will only be combined with time to further isolate Russia from the world economy.

The United States, in coordination with the G7, will implement significant commitments, including sanctions against hundreds of individuals and entities that add to the more than 1,000 already sanctioned, will take action against evasion targeting companies in several countries that add to the more than 300 Entities Lists. already on the spot; impose tariffs on hundreds of Russian products worth billions of dollars to Russia, including:

Resources targeting the Russian military production and supply chains. G7 leaders will align and expand targeted sanctions to further limit Russia’s access to key industrial inputs, services and technologies produced by our economies, particularly those supporting Russia’s arms industry base and technology sector. The U.S. State Department and Treasury will aggressively target Russian defense supply chains by imposing block sanctions on major state defense enterprises, in addition to defense research organizations, and dozens of other defense-related entities and individuals and limit Russia’s ability to replace military equipment. , which it had already lost during its brutal war against Ukraine.

Using tariffs on Russian goods to help Ukraine. Earlier this year, G7 leaders pledged to rid Russia of “most favored nation” trade status, which guaranteed low tariffs on Russian goods sold worldwide. President Biden and other G7 leaders will seek authority to use revenue collected from new tariffs on Russian goods to help Ukraine and ensure that Russia pays the costs of its war. President Biden also announces that, according to the congressional revocation of Russia’s trade status in the United States, the United States will implement a higher tariff on more than 570 groups of Russian products worth about $ 2.3 billion to Russia. These measures will limit Russia’s ability to profit economically from sales to the U.S. market and are carefully calibrated to impose costs on Russia, while minimizing costs to U.S. consumers.

Restrictions on Russia’s participation in the global market and further bans against attempts at avoidance. G7 Leaders are determined to limit Russia’s revenues, including gold, Russia’s second largest export after energy. The United States will take several key actions to implement these commitments. The U.S. Treasury Department will issue a determination to ban the import of new gold into the United States, which will prevent Russian participation in the formal gold market. G7 Leaders will also be committed to continuing to target efforts by those involved in avoiding and replenishing activities. The U.S. Department of Commerce will take its first action against companies engaged in replenishment activities in support of Russia by adding several companies around the world to the Ent List, which will prohibit those companies from purchasing originating goods and technologies made by the U.S. as semiconductors. . State and Treasury will implement blocking sanctions against persons linked to aid to Russia’s avoidance. Trade and Treasury will jointly send an alert to financial institutions to help detect potential violations of export controls.

Imposition of costs on those responsible for human rights abuses – including war crimes, profiteering, and extramarital authorities. G7 leaders will decide to impose sanctions on those responsible for human rights abuses – including war crimes, the exercise of extramarital authority in Ukraine, and those involved in Russia’s tactics to steal Ukrainian grain or otherwise profit illegally from the war. The U.S. Treasury and State Departments will implement block sanctions against private military companies operating in Ukraine, Russian military units that have been allegedly involved in human rights abuses or violations of international humanitarian law in Ukraine, and Russia-installed senior officials in besieged or. held by Russia’s forces, including ministers and mayors of contested cities. A state will impose visa restrictions on about 500 officials for threatening or violating Ukraine’s sovereignty, territorial integrity or political independence, or suppressing dissent in Russia.

What is the purpose of the G7?

Significant G7 Commitment for Budget Support and other support for Ukraine. The G7 will be committed to helping Ukraine cover its short-term budget financial shortcomings, including a US $ 7.5 billion commitment from the recently passed second supplement. Leaders will also make an unprecedented, long-term security commitment to provide Ukraine with financial, humanitarian, military and diplomatic support for as long as necessary. The leaders’ commitment will include maintaining Ukraine’s credible military readiness and defense, including through the timely provision of modern defense equipment and advanced weapons systems.

The G7 provides global leadership and plays a powerful catalytic role on issues that are later taken up by other forums with wider global and regional membership. See the article : Top 3 Countries for Future Growth: United States, Norway, and United Kingdom. The G7 brings together the world’s advanced economies to influence global trends and address general and cross-cutting issues.

Why is it the G7 and not G8?

What is the meaning of G7 countries? The Seven Group (G-7) is an intergovernmental organization that meets periodically to deal with international economic and monetary affairs. G-7 countries consist of the United States, the United Kingdom, France, Germany, Italy, Canada and Japan.

What is the main purpose of G7?

Russia was added to the 1997 political forum, which the following year became known as the G8. In March 2014 Russia was suspended indefinitely after the annexation of Crimea, after which the political forum name returned to G7. On the same subject : USA vs Colombia – Football Match Report – 25. June 2022. In 2017, Russia announced its steady withdrawal from the G8.

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Is Russia part of G20?

The G7, originally G8, was set up in 1975 as an informal forum bringing together the leaders of the world’s leading industrial nations. See the article : United States and China: Who Changed the ‘Status Quo’ on Taiwan?. The G7’s annual summits over the years have evolved into a platform to determine the course of multilateral discourse and shape policy responses to global challenges.

As of 2022, there are 20 members in the group: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, South Korea, Japan, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, United States and European Union.

Which country is not a member of G20?

How many G20 countries? The G20 consists of 19 countries and the European Union. The 20 members are: Argentina.

What are G7 and G20 countries?

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, the European Union are the respective members of G20. Chile is not a member of the G20.

What does g stand for in G20?

The G20 stands for “Group of Twenty”, and includes, in addition to all G7 Members and the EU, membership from Argentina, Australia, Brazil, the People’s Republic of China, India, Indonesia, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa and Turkey. .

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Why India in G7?

The Twenty Group (G20) is the main forum for international economic cooperation.

According to India’s Foreign Secretary Vinay Mohan Kwatra, our regular participation at the G7 summits points to “increased acceptance and recognition that India must be a part of each and every ongoing effort to find solutions to solve global challenges”.

What country G7?

Who are the G7 countries 2022? Leaders from Canada, France, Germany, Italy, Japan, the United Kingdom and the United States, as well as the European Union, were present. Germany has also invited Indian Prime Minister Narendra Modi as well as leaders from Indonesia, South Africa, Senegal and Argentina.

Why is India in G7?

Group of 7 The G7 is an informal forum of leading industrialized nations that include Canada, France, Germany, Italy, Japan, Britain and the United States.

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