Intensify sanctions against Russia, urges Von der Leyen at G7 summit
Updated Article
Helloo, mates! It's a bustling scene in Kananaskis, Alberta where the European Commission President Ursula von der Leyen dropped a bombshell on Sunday. She's hammering on the need to crank up the pressure on Russia to secure a ceasefire with Ukraine.
At the G7 summit, she urged the nations to toughen their game on sanctions. "We gotta get tough on Russia to nail down a genuine ceasefire, drag 'em to the negotiating table, and cap this conflict, mate," she declared at a media conference. The EU has thrown out a package of 18 sanctions last week, and von der Leyen invited all G7 pals to join forces in this push.
The diplomatic chit-chat is at a standstill, and the European Union is bracing for another go with a fresh sanctions package against Russia. However, they've yet to manage to get US President Donald Trump to sign up for new US sanctions. According to von der Leyen, she and Trump had a chinwag on Saturday, and both agreed that they should ensure market stability, particularly in energy markets. "We'll keep our eyes peeled for any hubbub on international energy markets," she noted. As for the EU-US trade talks on US tariffs, von der Leyen said she prefers a peaceful resolution before the July 9 deadline. She was quite chipper about Trump extending the deadline, stating that it preps them for any bumps if an agreement ain't reached.
Von der Leyen had a yak with Israeli Prime Minister Benjamin Netanyahu on Sunday. She stood firm on Israel's right to defend itself, but she stressed that a diplomatic solution is the best long-term option to manage the Iranian nuclear program. "Iran's the main pain in the butt causing regional instability, and we've always clearly stated that Iran must never cock a snook with a nuclear weapon," she said. A recent wave of events puts a spotlight on the growing connections between conflicts in Europe and the Middle East.
(Reporting by John Irish, writing by Alexandra Falk. Got a question about politics or economics? Drop us a line at [email protected], or if you're more interested in companies and markets, give us a buzz at [email protected].)
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Got More Questions?
- Sanctions on the Russian economy as a result of the conflict: Sanctions have made a significant impact on Russia's economy. Russia's selling resources cheap and buying necessities pricy, leading to inflation and a decrease in oil and gas revenues. Sanctions have also limited Russia's access to dual-use goods and critical technologies, affecting its military efforts.
- Role of the G7 in coordinating international sanctions: The G7 plays a vital role in organizing international sanctions, including the price cap on Russian oil, which is seen as a significant measure to reduce Russia's financial power to maintain its military actions.
- The European Union and the G7 nations are focusing on increasing sanctions on Russia due to the ongoing war-and-conflicts in Ukraine, as they aim to secure a ceasefire and negotiate a peaceful resolution.
- Politics and general news outlets are discussing the impact of international sanctions on the Russian economy, as well as the role of the G7 in coordinating these measures.
