G7 wants to put pressure on banks that help Russia circumvent sanctions
G7 wants to target banks (photo: Getty Images)
Group of Seven nations are studying ways to tighten the screws on banks that help Moscow evade sanctions, Bloomberg reports.
According to the newspaper, the Group of Seven countries and the European Union are exploring ways to tighten the screws on those banks that help the Russian Federation avoid sanctions imposed because of Russia's armed aggression in Ukraine.
The newspaper reports that some are exploring measures that would target third-country creditors who use the Bank of Russia's SWIFT-like financial messaging system to circumvent trade restrictions.
The discussions are taking place ahead of the G7 meeting, where the heads of government intend to agree on a set of measures to better implement the sanctions imposed on Russia for its armed aggression in Ukraine.
Earlier today, we reported that the European Union is considering imposing duties on Russian goods that are not currently subject to sanctions.
According to the EU Special Representative for Sanctions David O'Sullivan, the Kremlin has already lost €400 billion in revenue due to the sanctions imposed on the Russian Federation.
