US, EU, G7 to impose more sanctions on Russia – Joe Biden

Later today, together with the other nations of the G7 and the EU, we will jointly announce several new steps to squeeze Putin and to hold him accountable for his aggression against Ukraine.

I want to speak to a few key points.

First, each of our nations will take steps to deny Russia “Most-Favored Nation” status. It will make it harder for Russia to do business with the U.S. And doing it in unison with nations that together make up half of the global economy, will be another crushing blow to Russia.

We’re also taking the further step of banning the import of goods from several signature sectors of Russia’s economy including seafood, vodka, and diamonds.

The G7 will also seek to deny Russia the ability to borrow from leading multilateral institutions.

The G7 is also stepping up pressure on corrupt Russian billionaires. We’re adding new names to the list of oligarchs we are targeting — and we’re increasing coordination among G7 countries to target and capture their ill-gotten gains.

While we’re going after their superyachts and vacation homes that are worth hundreds of millions of dollars, we’re also going to make it harder for them to buy the high-end products manufactured in our countries. We’re banning the export of luxury goods to Russia.

These are the latest steps we are taking, but they will not be the last.

And as I said at the beginning, all of these steps will hit Putin harder because the United States and our closest Allies and partners are acting in unison.

– President Joe Biden