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G7 seeks after limiting use of international financial system by Russia — statement

TOKYO, December 6. /TASS/. The member-states of the Group of Seven (G7) will seek after further limiting the use of the international financial system by Russia, according to their statement released after the virtual meeting of G7 leaders.

"Our commitment remains to restrict exports of all items critical to Russia’s military and industrial base, including those used on the battlefield and we call on third parties to take equivalent action," the statement reads. "We will work to further curtail Russia’s use of the international financial system," the G7 leaders noted. "We will step up our efforts against evasion and circumvention of our sanctions and export controls measures. We continue to take actions against third country actors who materially support Russia’s war including by imposing additional measures on entities where appropriate in third countries. We are targeting Russian military procurement networks and those who help Russia acquire machine tools, equipment and key inputs," the document reads.

"We commit to tightening compliance and enforcement of the price cap policy on Russian oil, including by imposing sanctions on those engaged in deceptive practices and by updating our compliance rules and regulations as necessary. We will also continue efforts to curtail Russia’s revenue from other relevant sectors," the statement reads.

G7 member-states "will also continue efforts to reduce Russia’s revenue from metals. We will introduce import restrictions on non-industrial diamonds, mined, processed, or produced in Russia, by January 1, 2024, followed by further phased restrictions on the import of Russian diamonds processed in third countries targeting March 1, 2024," as indicated in the document.