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HIROSHIMA, Japan — Countries backing Russia’s military will incur « serious costs » if they do not cease such activity « immediately, » the G7 countries said in a joint statement on Friday, pledging to « further prevent » circumvention of sanctions against Moscow throughout its full-scale invasion of Ukraine.
The blockade’s warning from rich democracies comes as the EU is considering sanctioning Chinese companies for their role in supplying Russia with dual-use goods that end up on the battlefields in Ukraine.
« We will starve Russia of G7 technology, industrial equipment and services that support its war machine, » the G7 countries said in the statement after high-level talks on Friday.
“We reiterate our call on third parties to immediately cease providing material support to Russia’s aggression, or they will face severe costs. We will strengthen our coordination to prevent and respond to third-party supplies of weapons to Russia and continue to take action against third-country actors materially supporting Russia’s war,” they added.
The G7, however, failed to reach a consensus on imposing sanctions against Russian diamonds, as EU countries remain at loggerheads on how to do so based on proper tracking technologies. Shortly before the G7 summit, the UK announced plans to ban Russian diamonds.
According to the G7 statement, « we will continue to work closely to limit the trade and use of diamonds mined, processed or produced in Russia and engage with key partners. »
Released shortly before Ukrainian President Volodymyr Zelenskyy’s expected arrival in Hiroshima, the statement also shed light on a future peace deal for Ukraine.
G7 governments have said they are willing to work with other countries as long as they accept the need to deter Russian aggression, a high bar for countries like China, which has presented its own peace proposal without condemning Russia as an aggressor.
« In view of a possible post-conflict peace settlement, we remain ready to reach agreements with Ukraine and relevant countries and institutions on sustained security and other commitments to help Ukraine defend itself, secure its free and democratic future, and deter future Russian aggression. We are determined to help Ukraine build a positive future for its people, » the countries said in the statement.