Having Shot Itself in the Foot, the G7 Takes Aim at Its Own Head

Bloomberg on April 21 reported that the G7 nations are finalizing a proposal for a blanket ban on exports to Russia, as a way of tightening sanctions that have already wrought far more damage in the West than in Russia. Kremlin spokesman Dmitry Peskov responded that such sanctions are pushing the global economy closer towards a major crisis. “We realize that the U.S. and nations in the EU are considering new, additional sanctions,” Peskov told journalists when asked about the potential G7 embargo. “All sanctions which have been imposed on our nation, and new moves which may be under consideration at the moment in Brussels and Washington, will certainly hit the world economy too,” he added. “That can only exacerbate the trends towards a world economic crisis.”