Focus Of Russia Sanctions Talk @ Summit To Be On Circumvention-EU Official

Wires reporting comments from an unnamed EU official ahead of the G7 summit taking place in Hiroshima, Japan from 19-21 May. Says that the focus of G7 talks regarding Russia sanctions will be on circumvention, mirroring the efforts being made within the EU.

• Rather than placing another layer of sanctions on Russian entities, institutions and countries are seeking to ensure that countries friendly to Russia are not aiding Moscow by re-exporting Western goods that come under sanction rules or re-labeling Russian hydrocarbons for export to Western markets.
• Official raises the issue of diamond sanctions, saying that there are no firm proposals on measures in the EU at presents 'but aim would be to trade diamonds, reduce Russia exports'. Adds that the issue will feature in the G7 communique.
• Russian diamond exports totaled USD4.7bn in 2021 according to OEC data. Of these exports, 40% went to Belgium meaning the EU nation will have a significant input on the potential for any imposition of sanctions.
• EU official also stated that G7 leaders will discuss the idea of an 'international peace conference' on Ukraine, but unclear what this would look like or what the aims would be.