![]() ![]() Introduce further measures on Russia’s financial sectors to prevent circumvention, while preserving essential financial channels for specific transactions and.Further limit the export of diamonds from Russia (which provides a significant revenue source).Bolster efforts to prevent Russia from acquiring advanced materials, technology, military, and industrial equipment from G7 countries.Take action against third-country actors materially supporting Russia’s war efforts in Ukraine to deter their involvement. ![]() ![]() It is understood that the United States will chair the new mechanism for the inaugural year.Īs part of the commitment to further align on measures, the G7 leaders stated that the G7 countries would: While limited details have been provided on how this mechanism will operate, its stated purpose is “to bolster compliance and enforcement of measures and deny Russia the benefits of G7 economies” by preventing and responding to evasion and circumvention of current sanctions measures as well as agreeing to further sanctions. ![]() In a significant international development, the leaders of the G7 issued a statement on February 24, 2023, to affirm their commitment to better align and coordinate sanctions enforcement through the establishment of an “Enforcement Coordination Mechanism” tool. G7 STATEMENT AND RELATED INTERNATIONAL DEVELOPMENTS See our alert dated February 27, 2023, published here for our analysis of recent sanctions imposed by the United States against Russia. In addition, the leaders of the Group of Seven Nations (the “G7”) issued a statement reaffirming their support for Ukraine and announcing the establishment of an “Enforcement Coordination Mechanism” aimed “to bolster compliance and enforcement of our measures and deny Russia the benefits of G7 economies.” 1 This alert summarizes the key additional sanctions imposed by the European Union and the United Kingdom since our last alert dated Janu(published here) together with other guidance and G7 developments. On February 24, 2023, the one-year anniversary of Russia’s invasion of Ukraine, the European Union released its tenth package of sanctions against Russia, and the United Kingdom announced plans to implement further sanctions against Russia. ![]()
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