US Treasury Secretary Janet Yellen announced on Tuesday that the Group of Seven (G7) major economies will establish a task force to focus on freezing and seizing assets of Russian elites with the aim of further pressuring Russia after its invasion of Ukraine.
Yellen said in a statement after a virtual G7 gathering of finance chiefs that the move would "inflict financial pain" on those around [Russian President Vladimir] Putin.
She stated that the G7 leaders would continue to urge the removal of key Russian banking institutions from the SWIFT system. The sanctions so far are also expected to impede the Russian government's ability to finance its invasion.
There is a possibility that Russia can find alternative means of clearing trade and financing its economy despite the measures limiting Moscow's use of a $640 billion war chest to defend its currency.
The finance minister of Germany, Christian Lindner, said earlier on Tuesday that the G7 had expected to reach agreement in the coming days on possible sanctions, but he did not elaborate on the details of what was being discussed.
“We want to isolate Russia politically, financially, and economically,” Lindner told reporters after the virtual meeting chaired by Germany.
During the consultation, we discussed the implementation of current sanctions as well as what additional measures we could consider, he said, adding, "And an agreement will be reached on this in the coming days."
3 March 2022
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