Russia's economic system is "degrading slowly however certainly" amid "increasingly more biting" sanctions, EU chief Ursula von der Leyen has advised Euronews.
"We see that the sanctions are increasingly more biting and grinding into the Russian economic system. For those who have a look at the completely different sectors we see that they're degrading slowly however certainly due to the export controls," the European Fee president mentioned on the sidelines of the G7 summit.
"So updates, applied sciences, something you want, the products it's essential modernise, will not be going to Russia anymore."
It comes amid the prospect that Russia may default on its international debt.
Von der Leyen additionally mentioned that G7 international locations agreed to discover a possible worth cap on oil.
"The mechanism is principally, as you see the European Union is strolling away from Russian oil proper now. What shouldn't occur is that Putin takes this oil, goes to the world market, costs are going up and he’s filling his struggle chest," she mentioned.
"Due to this fact it wants a broader alliance to say we’re keen to pay an honest worth, however not a skyrocketing worth... it's not solely good to not fill Putin’s struggle chest nevertheless it’s additionally essential for the growing international locations -- the weak international locations -- as a result of the skyrocketing oil costs are closely negatively impacting on them."
International meals provides are additionally anticipated to be central to G7 discussions amid warnings the struggle in Ukraine might spark a worldwide disaster.
The UN mentioned final month that 25 million tonnes of grain have been sitting in silos in Ukraine as a result of "a scarcity of infrastructure and the blockade of ports".
Von der Leyen referred to as Russia's blockade "outrageous" however provided hope about getting grain out of Ukraine.
She mentioned that grain exports from Ukraine have been rising every month however that they remained far under what the nation exported previous to the struggle.
"They’re utilizing this meals to blackmail all of us, and that is actually atrocious. What we do is we attempt to assist Ukraine as a lot as potential to get out the grain, so long as Russia is blockading, by completely different routes, for instance, trains or roads, and even on the Danube river and that is enhancing," von der Leyen mentioned.
"To present you a number of figures, in April it was 1.2 million tonnes we received out, in Could already 1.7 and now in June 2.5 (million tonnes).
"So that you see we’re getting higher and higher at serving to Ukraine to export the grain however after all, it's not sufficient as a result of, earlier than the struggle, Ukraine was exporting round about 5 million tonnes per 30 days, that’s the place we have now to get to."
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