Bloomberg learned about the discussion of an almost complete ban on exports to Russia

The G7 is discussing the possibility of banning the supply of all goods to Russia, except for those for which they will make exceptions. They also want to involve the EU in the initiative.

Some of Ukraine's key allies, including the United States , are considering imposing a near-total ban on exports to Russia, according to Bloomberg.

According to agency sources, representatives of the G7 are discussing this idea on the eve of the May summit of leaders in Japan and intend to involve EU countries in its implementation.

The approach that diplomats are discussing could completely overturn the current sanctions regime, writes Bloomberg. If now it is allowed to supply all goods to Russia, with the exception of sanctioned ones, then with the new approach, all goods will already be banned and the country will be able to import only those for which an exception will be made.

The list of goods has not yet been agreed - before that, the G7 leaders have yet to agree on whether they take new measures or not. According to a Bloomberg source, most likely, exemptions from sanctions will be made for medicines and agricultural products.

However, there are serious obstacles to the adoption of a new ban, Bloomberg notes. In order for it to enter into force in the European Union, the new measures must be approved by all members of the association. And given the likely backlash from companies that continue to supply goods to the Russian market, along with the risk of retaliation from Moscow, the issue will lead to "heavy debate," the agency suggests.

Since the end of February last year, the European Union, the United States and the United Kingdom have repeatedly tightened sanctions against Russia. Export goods are also subject to restrictions. In particular, almost half (49%) of its exports to the country were under EU sanctions (as of 2021). The tenth package of restrictive measures that the European Union has introduced against Russia includes a ban on the export of bitumen and synthetic rubber from Russia.

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The Russian authorities consider the sanctions imposed against the country illegal. “These sanctions largely provoke the global crisis. Their authors <...> to a greater extent hit their own national interests, their own economies, the well-being of their citizens, ”said President Vladimir Putin .