Reported 11 months ago
The G7 summit set to begin on Thursday in Italy is expected to focus on countering the support from China and Russia to Russia's aggression against Ukraine. Reuters reported exclusively on Sunday that the G7 will issue a new warning to smaller Chinese banks to stop aiding Russia in evading Western sanctions. While G7 might release a statement regarding Chinese banks, immediate punitive actions like restricting their participation in the SWIFT international payment system or cutting off their access to US dollars are not expected during the summit. The US and its allies are prepared to impose sanctions and stricter export controls to weaken Russia's ability to bypass Western sanctions, with new major sanctions announcements targeting financial and non-financial entities being expected this week.
Source: YAHOO