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2 Sep 2022, 14:10

G7 Finance Ministers confirm commitment to sanctions against Russia — statement

As the ministers said, the cumulative impact of these measures on Russia will amplify over time and starkly deteriorate its economic potential

BERLIN, September 2. /TASS/. Member-states of the Group of Seven (G7) confirmed their commitment to sanctions against Russia, G7 Finance Ministers said in their joint statement on Friday.

"We underscore our shared commitment to our determined and coordinated sanctions imposed in response to Russia’s war of aggression, which are already having a considerable impact on the Russian economy. The cumulative impact of these measures on Russia will amplify over time and starkly deteriorate its economic potential," the Ministers said.

"We remain committed to fully implementing and enforcing our sanctions and remain vigilant against sanctions evasion, circumvention and backfilling," G7 Ministers noted in their statement.

The economic cost of developments in Ukraine "and consequent price increases are felt disproportionately by vulnerable groups across all economies and particularly by those countries already facing food insecurities and fiscal challenges," the document reads.