G7 LEADERS THREATEN TO INTENSIFY SANCTIONS AGAINST RUSSIA

 

Russia will face sanctions designed to harm specific economic sectors if it fails to de-escalate the situation in Ukraine, U.S. President Barack Obama said Tuesday.
Obama, speaking at the end of the Nuclear Security Summit at The Hague, Netherlands, said the sanctions could target Russia’s energy, finance, arm sales and trade sectors.
“We are prepared to take the next step if the situation gets worse,” Obama said.
Potential sectoral sanctions are still being researched, Obama said. Prime Minister Mark Rutte of the Netherlands, standing at a podium alongside Obama, said European countries support the U.S. idea, even though the new sanctions would have global financial repercussions.

Obama conceded Russia has a right to station 30,000 of its troops near the eastern Ukrainian border, but urged Vladimir Putin’s government to seek a diplomatic solution with Ukraine.

• “This is not a zero sum game,” Obama said, adding there was a place for Russia’s influence in Ukraine.
• “It is up to the Ukrainian people to make decisions about how they organize themselves and who they interact with."
• Side discussions about Ukraine have overshadowed some of the summit's nuclear agenda. On Wednesday, G7 leaders issued a declaration reiterating their support for Ukraine’s new government and calling Russia’s annexation of Crimea illegal.  

 

The leaders “reaffirm our support for Ukraine's sovereignty, territorial integrity and independence,” the declaration read.
The G7 countries — Canada, France, Germany, Italy, Japan, the U.K. and U.S. called on Russia to de-escalate tensions with Ukraine, and begin talks with the interim government.
The G7 did praise Russia for its decision to allow observers from the Organization for Security and Co-operation in Europe (OSCE) into Ukraine.
Representatives from Ukraine, meanwhile, worked on a deal with the International Monetary Fund to provide a $15-20-billion relief package.

Source: CBC