US, UK, Japan, others to clamp down on Russia amid invasion of Ukraine

G7 leaders and the European Union have agreed to impose more economic sanctions on Russia for invading Ukraine.

The G7 countries include Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.

In a statement released on Friday, the White House explained that this would further isolate Russia from the global financial system.

Last month, the US and its Western allies removed “selected” Russian banks from the SWIFT international payment system, in a clear target at the Russian economy and the global economy.

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According to the statement, each partner would implement actions consistent with their national processes.

“These actions will collectively ramp up pressure on Putin and build on the unprecedented package of economic sanctions and export controls the United States, and over 30 countries have already imposed on Russia.

“Together with similar actions by the G7, following our respective national processes, this collective action by more than half of the global economy will deliver another serious economic blow to Russia,” it said.