Western countries mulling more sanctions on Russia

RUSSIA / FSU POLITICS - In Brief 16 Jul 2022 by Alex Teddy
On July 16 the US Treasury Secretary said her meeting with 19 other finance ministers were productive. They discussed putting a cap on the price they will pay for Russian oil. However, not all 20 countries agree on a solution. No formal communique has been issued by the G20: the Indonesians issued a statement and it acknowledged that there is a disagreement on the Ukraine War and how to resolve it.  The US Treasury Secretary said she spoke to 6 other finance ministers. Presumably these are Westerners. If the West will only pay a certain price for the oil will Russia sell them oil at all? It would be a battle of wills. Who can last longest without oil or without money.  On July 15 the European Union proposed more sanctions on Russia. It will target gold. Russia made USD 15 billion by exporting it in 2021. The G7 banned Russian gold in June 2022. The current EU sanctions mostly run out in January 2023 but shall be extended if the war is not over.  The EU is seeking to close loopholes that allow Russia to evade sanctions. The EU has threatened Kazakhstan which is suspected of facilitating this.  There might be more Russian individuals added to the sanctions list. This would freeze their assets in the EU. The EU said it is not getting weary of sanctions. It also said it would not prevent Russia from selling food to non-EU countries.  On July 18 EU foreign minister will have the chance to agree or disagree with the European Commission's proposals. Unanimity is needed from 27 member states for sanctions to take effect. On July 14 the US affirmed that it had not sanctioned Russian food, fertilizer, farming equipment or medicine. 

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