G-7, Australia to Take Further Step to Isolate Russia

Economy

Tokyo, March 18 (Jiji Press)--Finance and justice ministers of the Group of Seven major powers and Australia issued on Friday a statement featuring measures to enhance the effectiveness of economic sanctions against Russia for its aggression of Ukraine.

After referring to Russian elites, proxies and oligarchs, the ministers said that "we take a further step to isolate them from the international financial system and impose consequences for their actions."

The ministers also showed their commitment to "take all available legal steps to find, restrain, freeze, seize, and, where appropriate, confiscate or forfeit the assets of those individuals and entities that have been sanctioned."

The ministers released the joint statement after Wednesday's first meeting, held online, of a task force to ensure the effectiveness of sanctions against Russian elites and others.

"We are determined to deny them the ability to hide and benefit from their assets in all jurisdictions and to undermine the integrity of the international financial system," the statement said.

[Copyright The Jiji Press, Ltd.]

Jiji Press