The Group of Seven expects an agreement in the coming days on possible additional sanctions to isolate Russia for its invasion of Ukraine, Germany’s finance minister said after talks on Tuesday.
“We want to isolate Russia politically, financially and economically,” Christian Lindner told reporters after a virtual meeting with G7 financial officials, chaired by Germany.
“We had a conversation about the implementation of the current sanctions and we also exchanged proposals on what additional measures can be taken,” Lindner said, adding: “In the coming days, there will be an agreement on that.”
He did not elaborate on what measures were being discussed, but said the impact of the measures to limit Russia’s central bank activities and the exclusion of Russian banks from the Swift messaging system had already exceeded expectations.
“The ruble is in free fall,” he said, with the Russian currency falling to around 112 against the dollar in trade on Tuesday.
His Japanese counterpart, Shunichi Suzuki, said the G7 capitals stressed the need for tight coordination of their measures against Moscow during the talks, which also included Ukraine’s Finance Minister Sergii Marchenko.
Earlier, Frenchman Bruno Le Maire declared a “total economic and financial war” on Russia to bring down its economy before reverting to language he later said was inappropriate.
The sanctions had an immediate impact on Russia’s economy, with lines forming outside banks as Russians race to save their savings. Oil company Shell on Tuesday became the latest major Western company to leave the country.
Source: CNN Brasil
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