G7 set to create tool to bolster enforcement of Russia sanctions

G7 set to create tool to bolster enforcement of Russia sanctions

The Group of Seven nations are set to create a new tool to coordinate their enforcement of existing sanctions on Russia, an effort to tighten the screws and improve compliance, according to people familiar with the matter.

The instrument, tentatively called the “Enforcement Coordination Mechanism,” aims to bolster information sharing and other actions, including regarding countries and firms anywhere in the world suspected of aiding Russia’s operation in Ukraine by evading or undermining sanctions, according to one of the people, who asked not to be identified in advance of an announcement.

The G7 and the European Union are expected this week to also announce new sanctions and trade restrictions on goods used by Russia’s military, including technology, components, heavy vehicles, industrial machinery, electronics and construction equipment. They are also set to target companies in countries such as Iran that are supporting Moscow’s war efforts with military supplies.

But improving enforcement of existing sanctions will be a major focus for allies moving forward.

The US is worried about policing the extensive measures already in place, one of the people said.