New G7 sanctions on Russia – but will they work?

Available for over a year

Leaders of the G7 group of developed economies have agreed new sanctions against Russia on the first day of their annual summit being held in the Japanese city of Hiroshima. They said the measures would starve Moscow of their technology, industrial equipment, and services that supported its war against Ukraine. The measures will restrict the export of items "critical to Russia on the battlefield". Sanctions will also target groups accused of moving material to the front for Moscow. We examine how effective sanctions can be… US president Joe Biden says he’s confident about reaching a budget agreement with Congress to avoid a default on US debt. Republicans and Democrats have until June 1 agree a deal which would allow the US to borrow more - or, in their language, raise the debt ceiling. Otherwise, the world's biggest economy will default on its $31.4 trillion (£25tn) debt. Experts believe this won’t happen but if it does, says one "it would make the global financial crisis look like a tea party". We report on how some companies are making plans, just in case… And, as Greece goes to the polls to elect a new leader on Sunday, we look at how a country which once needed billions of dollars of IMF funding appears to have dragged itself out of the financial doldrums…or has it? (Picture courtesy Getty Images: G7 leaders at the Itsukushima Shrine in Hiroshima, Japan.: (left to right) European Council President Charles Michel, Italian Premier Giorgia Meloni, Canada's Prime Minister Justin Trudeau, French President Emmanuel Macron, Japanese Prime Minister Fumio Kishida, US President Joe Biden, German Chancellor Olaf Scholz, UK Prime Minister Rishi Sunak and European Commission President Ursula von der Leyen.