LAST UPDATE: 20.21
The leaders of the Group of Seven most industrialized nations have issued a joint statement pledging an embargo on Russian oil in response to President Vladimir Putin’s war in Ukraine, according to Bloomberg.
The leaders of the top economies made the commitment after a teleconference they held with the President of Ukraine Volodymyr Zelensky on Sunday, the eve of May 9, the Day of Victory of Russia.
Several G-7 countries have already pledged to diversify from Russian energy supplies. The United States and the United Kingdom have already announced bans on Russian oil imports, and Germany, the European Union’s largest economy, has backed an EU proposal to get rid of it by January.
The leaders will “commit to phasing out our dependence on Russian energy, including by phasing out or banning the import of Russian oil,” the G-7 said in a statement. “We will ensure that we do so in a timely manner, in an orderly manner and in a way that gives the world time to secure alternative supplies.”
The G-7 leaders also said they would take steps to ban or otherwise prevent the provision of basic services on which Russia depends. “This will strengthen Russia’s isolation in all areas of its economy,” the two countries said in a joint statement.
They will also work with other countries “to ensure a stable and sustainable global energy supply and affordable prices for consumers, including by accelerating the reduction of overall dependence on fossil fuels and the transition to clean energy in line with climate targets”.
The statement included commitments to continue action “against Russian banks linked to the global economy and systematically critical of the Russian financial system”, to continue efforts to combat Moscow’s propaganda and to “continue and step up our campaign against economic “elites” who support Putin.
The statement did not specify which commitments each country made, namely Germany (which is chairing the G7 this year), Canada, the United States, France, Italy, Japan and Britain. The United States has already banned the import of Russian hydrocarbons, although these imports were small.
As Putin prepares to celebrate the former USSR’s victory over Nazi Germany tomorrow, Monday, his actions in Ukraine “shame Russia and the historic sacrifices of its people,” the seven leaders said. In a video conference, they reiterated their “commitment to take new steps to help Ukraine secure a free and democratic future” and to “defend and repel future attacks.”
Source: Capital
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