G7 Countries End Normal Trade Relations with Russia

The Group of Seven (G7) nations have joined forces with the United States in imposing harsh economic sanctions on Russia following its invasion of Ukraine. In a coordinated effort to punish Moscow for its actions, the G7 has revoked Russia's most-favoured nation status, thereby allowing higher tariffs on many Russian exports. The US has also banned imports of vodka and diamonds, while the European Union has blocked critical imports of iron and steel products. Furthermore, the G7 has agreed to stop Russia from obtaining financing from international institutions such as the International Monetary Fund (IMF) and the World Bank.

Key Takeaways:

• The G7 has ended normal trade relations with Russia, imposing higher tariffs on many Russian exports.
• The US has banned imports of vodka and diamonds, while the EU has blocked critical imports of iron and steel products.
• The G7 has agreed to stop Russia from obtaining financing from international institutions like the IMF and the World Bank.
• Russian jets have hit the central Ukrainian city of Dnipro, killing one person and sparking a huge explosion and fireball.
• The assault on Ukraine has widened, with parts of an armoured Russian column shifting north of Kyiv to resume a stalled offensive on the capital.

The president of Ukraine, Volodymyr Zelensky, condemned the deployment of foreign volunteers to the conflict zone, calling them "thugs from Syria" who would help residents of Ukraine. Sergei Shoigu, Russia's defence minister, announced that 16,000 volunteers from the Middle East, many with experience of battling Isis, were ready to fight in Ukraine.

Statistics:

• 16,000 foreign volunteers from the Middle East are prepared to fight in Ukraine, according to Russia's defence minister.
• The US has banned imports of vodka and diamonds from Russia.
• The EU has blocked critical imports of iron and steel products from Russia.