The G7 leaders and the European Union have agreed to further impose economic sanctions on Russia for invading Ukraine.
The G7 countries include Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.
This was contained in a statement released on Friday by the White House.
According to the White House, this would further isolate Russia from the global financial system.
The US and its western allies had sanctioned Russia severely after it invaded Ukraine.
Last month, they removed “selected” Russian banks from the SWIFT international payment system.
These sanctions are expected to affect the Russian economy and the global economy.
According to the statement, each partner would implement actions consistent with their national processes.
“These actions will collectively ramp up pressure on Putin and build on the unprecedented package of economic sanctions and export controls the United States, and over 30 countries have already imposed on Russia,” the statement reads.
It added that President Joe Biden would work closely with Congress to deny Russia the benefits of its World Trade Organisation (WTO) membership and ensure that Russian imports do not receive “most favoured nation” treatment in its economy.
“The United States Congress has demonstrated bipartisan leadership to revoke Permanent Normal Trade Relations for Russia, and President Biden looks forward to signing a bill into law,” the statement reads.
“Together with similar actions by the G7, following our respective national processes, this collective action by more than half of the global economy will deliver another serious economic blow to Russia.”
According to the statement, the G7 leaders said they would deny Russia the borrowing privileges at multilateral financial institutions.
“The G7 Leaders will agree to ensure Russia cannot obtain financing from the leading multilateral financial institutions, such as the International Monetary Fund and the World Bank. Russia cannot grossly violate international law and expect to benefit from being part of the international economic order,” it said.
Recall that Vladimir Putin had stated that the sanctions imposed on Russia by western countries over the invasion of Ukraine are like a declaration of war.