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G-7 in Japan

G-7 vows to take 'necessary' steps to stop Russia evading sanctions

Ministers agree to launch framework for countering Chinese supply chain dominance

G-7 central bank governors meet in Niigata, Japan, on May 13.   © Reuters

NIIGATA, Japan -- The Group of Seven wealthy economies vowed to counter attempts to undermine economic sanctions on Russia, sending a warning to countries such as India that trade with Moscow.

A joint statement released Saturday by the bloc's financial ministers and central bank governors after a three-day finance meeting in Niigata included plans to enhance support for developing nations. This reflects the G-7's recognition that more engagement with non-members is necessary to prevent non-democratic states such as Russia and China from enhancing their influence through economic ties.

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