G7 Fail to Impose New Sanctions on Russia

G-7 foreign ministers failed to reach an agreement to impose new sanctions on Russia following an alleged chemical attack on Syrian soil.

Italian Foreign Minister Angelino Alfano told CNBC that there was “no consensus” among the seven biggest industrialized economies to impose punishments on Russia for supporting the regime of Bashar Assad, who is believed to have ordered a chemical attack.

“Our approach has been very clear. At the moment, there is no consensus for further sanctions as an instrument to obtain the goal that we are aiming for,” Alfano told CNBC during a press conference.

U.K. Foreign Minister Boris Johnson raised the issue of new sanctions during the G-7 meeting in Lucca, Italy, but failed to gather support among his counterparts.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza