"We will continue our targeted use of coordinated sanctions for as long as necessary, acting in unison at every stage. Our use of sanctions is in defense of the rules-based international order that Russia has so egregiously violated. To this end, we endorse the annex on Supporting Ukraine Through Responsible Sanctions Against Russia," the leaders said in a joint statement.
The G7 countries will cut off Russia from participating in world markets, as well as limit its revenues, including from gold exports, the statement read.
"We will continue to explore new ways to isolate Russia from participating in the global market and crack down on evasion. We are determined to reduce Russia’s revenues, including from gold. We will also continue to target evasion and backfilling activities. We will further reduce Russia’s export revenues by taking appropriate steps to further reduce dependency on Russian energy," the leaders said.
The group also plans to further limit Russia’s access to "key industrial inputs, services, and technologies produced by our economies, particularly those supporting Russia’s armament industrial base and technology sector."
"We will continue to coordinate on tariff measures on imports from Russia and explore possible pathways in line with our respective legislation to use the revenues to assist Ukraine where applicable," the statement added.
Earlier, the White House said that the G7 countries intend to limit Russia's revenues from the export of gold adding that the US Treasury will issue a decree banning gold imports from Russia.
On February 24, Russia launched a military operation in Ukraine after the breakaway republics of Donetsk and Lugansk requested help to defend them from attacks by Ukrainian troops. The US and its allies responded by imposing comprehensive sanctions against Russia, with the EU pledging to end its dependence on Russian energy supplies. Subsequent disruptions in logistical and financial operations have undermined supply chains and led to a spike in energy prices worldwide.
The European Union has since imposed six packages of sanctions targeting Russia's banking, finances, and media sectors, government officials and lawmakers, and, partly, oil supplies. Several European leaders have called on Brussels to include a ban on gas in the future seventh package.