[Asia Economy Reporter Kim Bo-kyung] The Group of Seven (G7) held a video conference with the Ukrainian president and decided to impose additional sanctions on Russia's defense industry and others.
On the second day of the G7 summit, the 27th (local time), Ukrainian President Volodymyr Zelensky reportedly requested the G7 leaders via video call for air defense systems, additional sanctions against Russia, and security guarantees.
A senior U.S. official told reporters near Elmau Castle in Bavaria, Germany, that "the additional sanctions will target Russia's military production and supply networks," according to reports by S?ddeutsche Zeitung (SZ) and others.
The G7 leaders plan to expand sanctions to restrict Russia's access to key Western raw materials, services, and technologies.
U.S. sanctions on Russia's defense industry will be further expanded. A U.S. official predicted, "This will limit Russia's ability to replace equipment lost in the war in Ukraine."
The U.S. plans to impose retaliatory tariffs worth $2.3 billion (approximately 3 trillion won) on over 570 Russian production groups. President Joe Biden and the G7 leaders intend to use the revenue from retaliatory tariffs on Russian products to support Ukraine.
The G7 will also provide support to cover Ukraine's short-term fiscal deficit, according to a U.S. official. To this end, the U.S. will offer a $7.5 billion (9.6 trillion won) aid package approved by the U.S. Congress.
The G7 leaders are expected to pledge continued financial, humanitarian, military, and diplomatic support for Ukraine as long as necessary.
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