Finance ministers and central bank governors from the major developed countries of the Group of Seven are due to meet in Washington on April 20 to discuss ways to step up pressure on Russia over its invasion of Ukraine, officials said on Saturday. sources close to the plan.
Finance chiefs from the seven countries – Britain, Canada, France, Germany, Italy, Japan and the United States – will gather to show their group’s unity in its response to the invasion on the sidelines of a meeting of the Group of 20.
Photo taken on June 4, 2021 shows a Group of Seven finance ministers meeting at Lancaster House in London. (WPA/Getty/Kyodo Pool)
The finance meeting of the world’s 20 largest economies will be held on the same day in the US capital but remains complicated by disputes over Russia’s participation.
US President Joe Biden has said Russia should be removed from the G-20, made up of developed and developing countries including China and India, which failed to condemn Moscow’s assault on its neighbor and the murder of civilians.
US Treasury Secretary Janet Yellen hinted earlier this month that the US was prepared to boycott G-20 meetings if Russian officials showed up.
When G-7 finance chiefs meet in Washington, they could also discuss how to deal with rising prices resulting from a series of sanctions imposed on Russia following its aggression, the sources say. .
Sanctions include removing Russian banks from a key international payment network, known as SWIFT, and freezing assets held by senior officials and powerful entities.
Earlier this week, in the latest round of sanctions, G-7 countries said they would “accelerate” plans to reduce energy dependence on Russia by phasing out and banning coal imports.
On February 14, 10 days before the start of the Russian invasion, G-7 finance ministers and central bankers issued a statement saying, “We are united in our determination to protect the sovereignty, territorial integrity and as Ukraine’s economic and financial stability. “
When the finance chiefs met remotely on March 1, they also agreed to put additional pressure on Russia.