New sanctions of the USA and G7 against Russia

New sanctions of the USA and G7 against Russia

On May 8th, the President of Ukraine Volodymyr Zelenskyi had a video meeting with the leaders of the Group of Seven (G7). Upon results of the meeting, a number of decisions were implemented aimed at supporting Ukraine and strengthening sanctions against Russia.

G7 leaders assured President Zelensky that "they are constantly ready to make further commitments to help Ukraine secure its free and democratic future, so that Ukraine can defend itself now and deter future acts of aggression."

According to an official statement published on the White House website, the United States has imposed sanctions on three of Russia's most popular television channels, which received some of the largest foreign revenues that went to Russia's budget. In addition, in order to limit Russia's income to finance the war against Ukraine and limit Russia's evasion of existing sanctions, the US government has banned US companies and individuals from providing accounting, auditing, consulting, trust, organizational and marketing services to Russians.

At the meeting, all G7 countries supported the United States to suspend or ban imports of Russian oil, gas and coal.

The new sanctions and restrictions took effect on Sunday, May 8.

As a reminder: in the wake of the Russian outrage, Moore Global has taken the decision to end the network's relationship with Russian member firms, believing this is the right decision for the network and the wider society to show solidarity with Ukraine and unity with all civilized world.

Furthermore, in prompt response to the intention announced on 4 May 2022 by both the EU and UK Government to impose blanket bans on the provision of accountancy and consultancy services to Russian interests, Moore has put controls and processes in place to ensure that the member firms are fully in compliance with the EU sanctions package as they relate to the Russian Federation and Belarus. The guidelines on the matter are constantly updated to protect the reputation of the Network in assessing client relationships.