The U.K. has formally introduced a wave of new sanctions against Russia, as officials of the G-7 bloc gather for their annual summit in Hiroshima, Japan.
This is CNBC's live blog tracking developments on the war in Ukraine. See below for the latest updates.
G-7 powers have relied on sanctions to reduce Russia's war coffers in a bid to stall the progress of its military offensive in Ukraine. A train was derailed near Simferopol in the Crimean Peninsula, blocking the route to Russia's BSF base at Sevastopol after the interference of "unauthorized individuals,". Russian authorities are currently working to address the incident.
"We are now focused on shutting the door on loopholes. And continuing to cut Russia off from critical supplies. We will restrict trade in Russian diamonds. Russian diamonds are not forever," he said. Officials of the world's seven richest nations are expected to discuss tighter sanctions on Russia, with Britainto ban Russian diamonds, as well as imports of Russian-origin copper, aluminum and nickel. It also plans further sanctions on 86 additional people and companies. The EU is likewise targeting trade restrictions on Russian diamonds, according to European Council President Charles Michel.
"We have taken an array of actions to hold Russia accountable in coordination with our G-7 partners, we've put in place the largest set of sanctions and export control actions ever imposed on a major economy," the official said of the coordinated rounds of sanctions imposed on Moscow since the start of the war in late February.
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