Italy demands G7 sanctions against Russia to be applied by G20 nations as well

Italy's Economy Minister Giancarlo Giorgetti on Thursday said that the sanctions introduced by G7 members against Russia for its invasion of Ukraine should be extended to all G20 countries as well. The statement was made by the Italian finance minister on the sidelines of a summit of G7 finance leaders in Bengaluru. The minister explained: "Otherwise, Russia circumvents the sanctions system, and the effects risk falling short of our expectations," reported The Guardian.

Earlier, Japan’s Finance Minister Shunichi Suzuki said that the G7 meeting will discuss support for Ukraine and sanctions against Russia. "We will continue to closely coordinate with the G7 and the international community to enhance the effect of sanctions to achieve the ultimate goal of prompting Russia to withdraw," he said on Tuesday.

Italy demands G7 sanctions against Russia be applied by G20 countries as well

The Group of Seven (G7) financial chiefs held a discussion over sanctioning Russia to put further pressure on it to cease the Ukraine war. The finance ministers of G7 countries and central bank governors gathered in Bengaluru under the leadership of Japan. Meanwhile, the White House on Thursday announced that US President Joe Biden will virtually meet with fellow G7 leaders and Ukrainian President Volodymyr Zelensky on Friday (February 24). Notably, this meeting will be held "to continue co-ordinating our efforts to support Ukraine and hold Russia accountable for its war," the White House announced Thursday.

"One year ago, this group came together, just mere hours after Russian tanks rolled into Ukraine, to impose unprecedented costs on Putin and his cronies," White House press secretary Karine Jean-Pierre told reporters Thursday. "We've worked together to provide Ukraine with the security, economic, humanitarian, and energy assistance it needs," the official added.

Jean-Pierre also praised Japan for holding the G7 presidency this year and for providing an additional USD5.5 billion in economic assistance to war-ravaged Ukraine. "The G7 has become an anchor for our strong and united response to Russia," Jean-Pierre added. "Tomorrow, the leaders will discuss how we continue to support Ukraine and continue to increase pressure on Putin and all those who enable his aggression."