Some of Ukraine’s key allies including the U.S. are considering moving closer to an outright ban on most exports to Russia, a potentially significant tightening of economic pressure on Russian President Vladimir Putin over his war.
Group of Seven officials are discussing the idea ahead of a leaders summit in Japan in May, according to people familiar with the matter, and the aim would be to include European Union member states in the crackdown. The proposal is still being debated and could change, the people said.
The approach being discussed by diplomatic envoys would flip the existing sanctions regime around, with all exports banned unless exempted, the people said. Under the current criteria all exports are allowed unless sanctioned.
