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UK joins G7 allies in ending normal trade relations with Russia

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The G7 group of wealthy nations agreed fresh steps to hit Russian exports with tariffs after imposing a wave of unprecedented sanctions.

The action was being taken by the UK, US, France, Germany, Italy, Canada and Japan.

The move to revoke Russia’s “most-favoured nation” status on key products, would deny it from trading goods on preferential terms with other western countries, in accordance with rules set by the World Trade Organisation.

This will result in higher tariffs on many Russian exports, further crippling its economy.

Further measures agreed on include stopping Russia from obtaining any financing from multilateral institutions including the International Monetary Fund, the World Bank and the European Bank for Reconstruction and Development.

The wealthy nations in the West said they were taking this action because “Russia cannot grossly violate international law and expect to benefit from being part of the international economic order”.

G7 countries also said they would continue with their campaign of pressure on Russian elites and oligarchs with close links to Mr Putin, by limiting their access to the global financial system.

In the joint statement, G7 members said Russia’s invasion of Ukraine “is causing enormous suffering and a tragic loss of life, including through the increasingly indiscriminate bombing and shelling of civilians.

“We are united in our determination to hold President Putin and his regime accountable.

“We remain resolved to isolate Russia further from our economies and the international financial system.”

The group of leading western nations added they were ready to impose further tough sanctions if necessary.

They stressed: “We will continue to evaluate the impacts of our measures, including on third countries, and are prepared to take further measures to hold President Putin and his regime accountable for his attack on Ukraine,” they said.

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