Ukraine’s backers are considering an embargo on nearly all exports to Russia, Bloomberg reported on Thursday, citing sources close to the discussions.
According to the news outlet, officials in G7 countries are finalizing a proposal which could be put forward at the US-led group’s next summit in Japan, scheduled for May. Sources claim they plan to persuade EU members to join the new measures.
While precise details of the proposal are not yet clear, the step would reportedly involve a ban on all exports to Russia, unless exemptions are granted. Sources told the news outlet that medicines, food, and agricultural products are the most likely products to be excluded from the restrictions.
The move would see most of the remaining trade flows from Western states to Russia severed. While existing restrictions have already almost halved the value of EU and G7 exports to Russia, some $66 billion worth of goods from these nations is still being delivered, Bloomberg noted, citing the Geneva-based Trade Data Monitor.
Sources have said the measure is still being debated and its details may change ahead of the summit.
Meanwhile, analysts warned that a total export ban could force Russia to retaliate with restrictions on its own exports. It is also believed that the move could push Russia even closer to its Asian allies, including China, as Moscow would be forced to seek new suppliers for goods that fall under the ban.
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