2022-10-02

Macron and Scholz said that the G7 will continue to increase pressure on Russia

The West will continue to “increase the economic and political costs” of the Russian authorities, the leaders of Germany and France said following the G7 summit. Both Scholz and Macron noted that “Russia should not win”

Emmanuel Macron and Olaf Scholz (left to right)

Sanctions against Russia will be in place for as long as necessary, said the French President Emmanuel Macron at a press conference following the G7 summit in Elmau, BFM TV reports.

“Russia <…> shouldn't win. Our support for Ukraine and our sanctions against Russia will be maintained for as long as necessary,— said Macron.

The fact that the West will continue to increase pressure on Moscow, following the results of the G7 summit, was also announced by German Chancellor Olaf Scholz. He, like Macron, said that “Russia should not win” this conflict.

"The Big Seven" remains united in its support for Ukraine. We will continue to support and increase the economic and political costs <…> for President [of Russia Vladimir] Putin and his regime, — said the Chancellor.

G7 Summit (an informal association that includes Britain, Germany, France, USA, Italy, Canada and Japan) this year was held from 26 to 28 June at Elmau Castle in the Bavarian Alps. As a result of the negotiations, the leaders of the countries— G7 members said they intend to continue imposing “targeted sanctions” on against Russia. In particular, as US President Joe Biden said, we are talking about a ban on the import of Russian gold. In addition, the “Big Seven” is considering imposing a cap on Russian gas prices to cut Moscow's energy export revenues, Bloomberg has learned.

The Kremlin has repeatedly called Western sanctions against Russia illegal. Speaking about the possible limitation of prices for Russian gas, the presidential press secretary Dmitry Peskov said that this issue should be discussed with Gazprom. As for the future ban on the import of Russian gold, the market for precious metals is quite large, voluminous and very diverse,” he noted. And, as with other commodities, if one market is no longer attractive due to illegal decisions, there is a “reorientation to where these commodities are more in demand and where there are more comfortable and more legitimate economic regimes,” the spokesman said.

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