The group of G7 countries, made up of the most important economies in the world, “committed to prohibit or gradually eliminate imports of Russian oil,” the White House revealed this Sunday, May 8.
The phased approach is designed to give member countries time to find alternative oil supplies and avoid hitting consumers with significant price increases.
“This will deal a serious blow to the main artery of Putin’s (Russian president) economy and will deny him the income he needs to finance his war,” the White House said in a statement issued after a virtual meeting with the Ukrainian president. Volodymyr Zelenskiy.
G7 members also committed to accelerating the energy transition away from fossil fuels.
Russia’s energy dependency
Since the beginning of the invasion of Ukraine, the West has so far shown very close coordination in its announcement of sanctions against Moscow. However, it is not advancing at the same pace when it comes to Russian oil and gas.
The United States, which was not a major consumer of Russian crude, has already banned its import. Meanwhile, the members of the European Union, pressured to apply this measure, are much more dependent on Russia and are still in negotiations to establish an embargo on Russian oil.
For its part, the United States also announced new sanctions against Russia, which will affect the media and the access of Russian companies and large fortunes to consulting and accounting services, both American and British, which are the great world specialists.
With information from Eph.
Source: Larepublica
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