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Jakarta, CNBC Indonesia – The leaders of the Group of Seven (G7) countries agreed on new sanctions for Russia during a meeting on Friday (5/19/2023) in Japan. They are determined to deprive Russia of the G7 technology, industrial equipment and services that support its war machine.

The move comes after the United States, Britain and the European Union all announced new efforts to punish Moscow, 15 months after President Vladimir Putin’s full-scale invasion of Ukraine.

The bloc, meeting in the Japanese city of Hiroshima, said it would act to further limit Russia’s access to the G7 economy.

“We will expand our measures to ensure that the export of all goods critical to Russian aggression…is restricted in all of our jurisdictions,” they said in a statement. AFP.

“We will deprive Russia of G7 technology, industrial equipment and services that support its war machine,” added the bloc, which includes Britain, the United States, Japan, Canada, Israel. Germany, France, Italy and the European Union.

The group said it would step up its efforts to prevent circumvention of the existing sanctions regime, “including by targeting entities that transport materials to the frontlines.”

Meanwhile, the United States and other members announced their own measures, with a senior US administration official saying another 70 entities from Russia and “other nations” would be blacklisted by the United States.

Meanwhile, London, targeting Russia’s $4-5 billion annual diamond trade, announced a ban on gemstone imports, as well as copper, aluminum and nickel.

The G7 statement also pledged to “restrict trade in and use of diamonds mined, processed or produced in Russia”, including by using traceability technologies.

European Union member Belgium is one of the biggest wholesale buyers of Russian diamonds, along with the United Arab Emirates and India, whose Prime Minister Narendra Modi will join G7 talks this weekend .

(luc/luc)