When the G-7 countries gathered for their summit, they felt it necessary to announce some new sanctions on Russia.
Whereas it would have been better if they had assessed why the sanctions they imposed in the last 15 months did not have the expected effect.
During this time, neither the Russian currency Ruble could be converted into Ruble (Malwa), nor did Russia’s economy collapse, nor did its ability to continue the war in Ukraine ended.
On the contrary, the effect of these sanctions has at least shaken the economy of Europe.
However, if Western leaders are to signal something to be done against Russia, Britain said it would put an embargo on Russian diamonds. British Prime Minister Rishi Sunak announced that his country is stopping the import of metals such as diamonds, copper, aluminum and nickel from Russia. Russia sells diamonds worth billions of dollars every year.
The US indicated that it would crack down on companies that are helping Russia undermine sanctions.
The G-7 also said in their joint statement- “We are also succeeding in our steps under which it is being decided that Russia cannot weaponize energy against us and the world.”
Germany’s Chancellor Olof Scholz stood alone amid this noise of sanctions, who did not support the imposition of new economic sanctions on Russia.
Germany said that such steps should be taken against Russia, which are logical and can be implemented. The matter is valid. Russia has huge reserves of crude oil, gas, diamonds and many essential metals. Because of this, Western sanctions are proving to be largely unsuccessful in weakening Russia economically.
On the other hand, Russia is selling a lot of oil to two big countries of the world, India and China.
Due to which it is getting a lot of income. The G-7 last year set a limit of $60 per barrel for Russian oil. But this step also did not work much.