Leaders of the Group of Seven have pledged to phase out dependence on Russian energy, including a ban on imports of Russian oil.
Leaders of the Group of Seven have pledged to phase out reliance on Russian energy by announcing new sanctions as part of an “unprecedented” package of coordinated sanctions to reinforce Russia’s economic isolation from Russia’s invasion of Ukraine. Moscow.
The G7, which unites the seven richest nations in the world, Canada, France, Germany, Italy, Japan, the United Kingdom and the United States, has intensified a campaign against Russian elites who support President Vladimir Putin, whom the group accused of bringing “shame”. about Russia’s historic sacrifice against Nazi Germany in World War II.
“We will ensure that we do so in a timely and orderly manner, and in a way that allows time for the world to obtain alternative supplies,” a joint G7 statement said.
“We will continue and elevate our campaign against the financial elites and family members, who support President Putin in his war effort and squander the resources of the Russian people,” the joint statement said.
The White House said the new sanctions “will hit the main artery of Putin’s economy hard and deny him the revenue he needs to finance his war.”
After meeting Ukrainian President Volodymyr Zelenskyy virtually, the leaders said they would cut off key services Russia relies on, reinforcing Russia’s isolation “in all sectors of its economy.”
Putin’s actions in Ukraine ‘bring shame to Russia’
The group expressed concern that the war was causing global economic disruption, affecting the security of the global energy supply, the supply of fertilizers and food, and the functioning of global supply chains.
“Together with the United Nations, we call on Russia to end its blockade and all other activities that further impede Ukraine’s food production and export, in line with its international commitments,” the statement said.
“Otherwise it will be seen as an attack on the world’s food.”
Additional measures include sanctions against three Russian TV stations, a ban on providing accounting and consulting services to Russians, and sanctioning the executives of Russia’s Gazprombank.
The measures imposed against Gazprombank executives are not the first to involve the bank, which is closely linked to Russian gas-exporting giant Gazprom. But the United States and its allies have avoided taking steps that could cause disruptions in gas supplies to Europe, Russia’s main customer.
“This is not a complete block. We will not freeze Gazprombank’s assets or ban any transactions with Gazprombank,” a senior official in US President Joe Biden’s administration told reporters.
“What we are pointing out is that Gazprombank is not a safe haven, so we are sanctioning some of its top business executives… to create a chilling effect.”
British Prime Minister Boris Johnson addressed the group saying “the world must go further and faster to support Ukraine,” his office said after the call.
“Ukraine needed to receive military equipment that would allow them to not only hold the ground in Ukraine, but take it back,” Johnson told the leaders.
The G7 meeting comes as Europe commemorates the end of World War II and Europe’s liberation from Nazism and fascism.
In its comments, the G7 said President Putin’s actions in Ukraine “bring shame to Russia and the historical sacrifices of its people.”
The group’s leaders also reiterated their support for Zelenskyy, adding that the new measures were aimed at “strengthening[ing] Ukraine’s position on the battlefield and at the negotiating table.