G7 imposes sanctions on Russia

The leaders of the seven largest economies of the world are meeting in Japan for the G7 Summit which is the largest Annual meeting of the South Asian economy. The conglomerate has now started discussing with respect to the recent policies of Russia related to international trade. The leaders of the seven countries are now against the act of Russia and all of them have named this act to be irresponsible. Russia and recently launched some nuclear bombs and arms involution of the nuclear agreement which exist among the G7 members. As a punishment, according to the terms of the agreement, they will be liable for sanctions that will impose certain kinds of restrictions on the trade movement not only in Southern Asia but in other parts of the world as well. All the leaders have criticised the Russian activities as these activities are not only dangerous but also unacceptable for the development of the human economy. All the leaders of Canada and Germany including the United Kingdom and the United States of America have released a joint statement after the meeting in which all of them have agreed to impose sanctions and different types of measures against Russia. This will be restrictive and also increase the costs.

The United States of America will also try to blacklist 70 Russian entities which are actively involved in building the defence infrastructure of Russia. These 70 entities employ more than 300 individuals and vessels from the United States of America. Countries like the United States of America and the United Kingdom will be drawCountries like the United States of America and the United Kingdom will withdraw all the possible support from Russia and other countries that support Russia in its war with Ukraine. The United Kingdom has also released an official statement according to which it will ban all its imports of Russian diamonds and other minerals like Copper and Aluminium. Russian leaders have been trying to convince all the leaders of the G7 Summit to understand the intention behind all of its activities but none of them has been convinced by the Russian activities so far because it is not in the best interest of the world.

If the countries of The United States of America in the United Kingdom impose these measures then it will definitely affect the trade of Russia to a great extent. It will also impact the gross domestic product of the country over the period of time. In such a situation the financial crisis for Russia will definitely increase. The Russian Central Bank has already approached the central government with respect to the recession that it is facing. The inflation in Russia is at its all time high and this is definitely not a good time for the economy.