Bloomberg: G7 developing tool to control sanctions against Russia

The Group of Seven nations are set to create a new tool to coordinate their enforcement of existing sanctions on Russia, Report informs referring to Bloomberg.

The instrument, tentatively called the “Enforcement Coordination Mechanism,” aims to bolster information sharing and other actions, including regarding countries and firms anywhere in the world suspected of aiding Russia’s war in Ukraine by evading or undermining sanctions.

The move comes as Russia’s invasion reaches its one-year mark and with Ukraine bracing for more fighting as the weather warms.

The G-7 and the European Union are expected this week to also announce new sanctions and trade restrictions on goods used by Russia’s military, including technology, components, heavy vehicles, industrial machinery, electronics and construction equipment. They are also set to target companies in countries such as Iran that are supporting Moscow’s war efforts with military supplies.