Zelenskyy advocates for intensified sanctions against Russia in anticipation of the G7 meeting
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Lookout, G7 pals! Ukrainian President Volodymyr Zelensky is pushing you to kick Russia where it hurts the most—its wallet—before the upcoming summit in Canada. According to a Telegram message, he wants you to tighten the screws on Russia's banks and financial sector.
Zelensky's attendance at the gathering, slated for later this week, is a terrific opportunity for him to appeal to his allies for potent military and financial reinforcement in their ongoing struggle against Russia's bloody invasion.
Despite the earlier sanctions, Moscow's relentless warfare continues unabated for more than three long, agonizing years. In a recent hail of complaints, Zelensky highlighted that the bombardments have grown even more intense. Since the beginning of this month, Russia has reportedly launched approximately 2,800 drones, nearly 3,000 guided bombs, and 140 rockets and cruise missiles against Ukraine. On Sunday night alone, there were 183 drone attacks and 11 rocket and cruise missile attacks aimed primarily at Kremenchuk, a city in central Ukraine's Poltava region. Despite the relentless attacks, no casualties were reported.
Notably, the Russians have been pounding an oil processing plant in Kremenchuk since the war began, a vital resource for Ukraine's defense forces. The Russian Ministry of Defense has also acknowledged these attacks.
The increasing attacks come as Zelensky appeals for tougher sanctions to bypass Russian maneuvers and weaken its financial muscle. He argues that targeting the financial sector, particularly banks, would inflict heavy financial pain on Russia, potentially pushing them towards a truce.
In a bid to tighten the noose, Zelensky also advocates for reducing the oil price cap, which directly impacts Russia's income from oil exports. EU leaders have also proposed further sanctions, such as lowering the oil price cap from $60 to $45 per barrel, but, Zelensky wishes for a more demanding cap of $30 per barrel to intensify the pressure on Moscow[1][2].
Sources: ntv.de, dpa
Insights:- Zelensky's call for financial sector sanctions includes targeting banks and the broader financial system to limit Russia's economic capabilities[5].- He also advocates for measures to combat the circumvention of sanctions, essential for weakening Russia's ability to finance its military activities[5].
- The financial sector, specifically banks, is a key focus in Ukrainian President Volodymyr Zelensky's call for tougher sanctions against Russia, aiming to inflict heavy financial pain and potentially prompt a truce.
- In the ongoing struggle against Russia's invasion, the G7 summit presents an opportunity for Zelensky to appeal to his allies for strong employment policy, particularly in the banking-and-insurance industry, to tighten the screws on Russia's financial sector.
- The implications extend beyond economics, as Zelensky's proposal for stricter financial sanctions coincides with the escalating war-and-conflicts between Ukraine and Russia, adding a political dimension to these financial measures.
- Moreover, Zelensky's call for lowering the oil price cap ensures greater pressure on Russia's income from oil exports, further impacting the country's finance, industry, and business sectors.
