The President of the United States, Joe Bidenwill ask G7 leaders this week impose an almost total ban on exports to Russiaa source familiar with the conversations within the Group of Seven told EFE.

According to that source the war in Ukraine will be the central theme of the G7 takes place from May 19 to 21 in the city of Hiroshima (Japan).

Specifically, Biden wants to change the way the West has so far limited its exports to Russia with the aim of closing the loopholes that have allowed the Kremlin to continue to access certain products through third countries.

Instead of restricting export sector by sector, Biden wants the G7 to impose a blanket export ban to Russia and exceptions are included in areas such as agriculture, food and medical materials so as not to harm the population, the source mentioned above explained.

This proposal, promoted by Washington to punish Russia for the Ukrainian war, may encounter difficulties in its implementation within the European Union, as each of the 27 community bloc members must agree to these measures. In any case, if the veto is implemented, it would have a major impact on the Russian economy.

After Russia invaded Ukraine in February 2022, The West imposed restrictions on the export to Russia of luxury goods and materials that could be used in war. In addition, the G7 agreed not to buy Russian crude oil from the sea when the price exceeds $60 a barrel.

But despite these limitations, the G7 continues to export $4.7 billion worth of goods to Russia each monthespecially chemical materials, medicines, food and machines, according to data from the American think tank The Atlantic Council.

If the veto was carried out, export to Russia would be reduced by 67% to just $1,500 million per month, according to the same institution.

However, talks are continuing and the US proposal could be amended to address the concerns not only of some European Union countries, but also of Japan, which has been cautious towards Russia because of its dependence on Russian oil and natural gas.

China

While Russia will be one of the key players of the summit, US rivalry with China will also feature prominently.

In fact, according to a US official who told EFE, Biden plans to make major announcements related to the major infrastructure plan the G7 launched at their summit in Germany last year, known as the Association for Global Infrastructure and Investment (PGII).

With this plan, the G7 committed to mobilize $600,000 million over five years to counter China’s mega-project “One Belt, One Road” (One Route, One Belt), launched in 2013 by the Chinese president Xi Jinping, aiming to expand China’s influence around the world through investments in infrastructure and telecommunications.

So far, the G7 plan has made no significant progress. However, at their April meeting in Japan, the group’s foreign ministers expressed their intention to boost the PGII with further investment in areas such as energy, transportation and health.

And now Biden is expected to make major announcements about that plan on the sidelines of the summit, the aforementioned US official said.