G7 Leaders Establish Enforcement Coordination Mechanism, Dodge Diamond Decision

Posted

In a joint statement G7 leaders announced theor intention to create a formal enforcement mechanism, and vowed to take further measures, though in a nod to Antwerp, they only promised to “work collectively on further measures on Russian diamonds, including rough and polished ones, working closely to engage key partners.

“We will maintain, fully implement and expand the economic measures we have already imposed, including by preventing and responding to evasion and circumvention through the establishment of an Enforcement Coordination Mechanism to bolster compliance and enforcement of our measures and deny Russia the benefits of G7 economies.

“We call on third-countries or other international actors who seek to evade or undermine our measures to cease providing material support to Russia’s war, or face severe costs. To deter this activity around the world, we are taking actions against third-country actors materially supporting Russia’s war in Ukraine. We also commit to further aligning measures, such as transit or services bans, including to prevent Russian circumvention.

“We will adopt further measures to prevent Russia from accessing inputs that support its military and manufacturing sectors, including, among others, industrial machinery, tools, construction equipment, and other technology Russia is exploiting to rebuild its war machine.  Noting than “Russia bears full responsibility for the war and the damage it has caused, including to Ukraine’s critical infrastructure<” the leaders vowed to continue to freeze sovereign assets until a resolution is reached.

Comments

No comments on this item Please log in to comment by clicking here