On June 27, 2022, US President Biden released a fact sheet summarizing measures that the US and G7 Leaders will implement in order to demonstrate their support for Ukraine and hold the Russian Federation accountable for the invasion. According to the fact sheet, G7 Leaders will collectively impose measures targeting Russian military production and supply chains, with the US aiming to impose blocking sanctions on major state-owned defense enterprises in an effort to hinder Russia’s ability to replace equipment lost during its war against Ukraine. Earlier in the year, G7 Leaders also committed to strip Russia of its “most favored nation” trading status, which will raise tariff rates on Russian goods sold globally. President Biden announced a plan by G7 Leaders to use the revenues collected from these new tariffs to help Ukraine – an effort that will ensure that Russia pays for the costs of its war.
President Biden also confirms in the fact sheet that the US Treasury Department will prohibit the import of new gold from Russia to prevent Russia’s participation in the formal gold market; he also intends to take action against companies that engage in backfill activities in support of Russia by having the Commerce Department add these companies to the Entity List, which will effectively ban these companies from purchasing US-origin goods and technologies. G7 Leaders will also impose sanctions on those responsible for human rights abuses, including war crimes, profiteering, and Russian efforts to exercise illegitimate authority in Ukraine. In addition, G7 Leaders committed to help Ukraine cover short-term budgetary funding shortfalls, with the US making a specific commitment to cover $7.5 billion. The G7 leaders also made long-term commitments to provide financial, humanitarian, military and diplomatic support as long as it is needed.