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Politics
+ Green


G-7 LEADERS COMMIT TO BANNING IMPORTS OF OIL FROM RUSSIA

 * Leaders hold a video call on Sunday to discuss Ukraine
 * The move comes as the EU struggles to agree on its own ban

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WATCH: Leaders of the G-7 countries pledged to ban the import of Russian oil in
response to Putin’s war in Ukraine. Tony Czuczka reports.Source: Bloomberg
By

Michael Nienaber and

John Follain

+Follow
May 8, 2022 at 3:37 PM GMTUpdated onMay 8, 2022 at 4:30 PM GMT


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Leaders of the Group of Seven most industrialized countries pledged to ban the
import of Russian oil in response to President Vladimir Putin’s war in Ukraine.
 

The heads of the leading economies made the commitment after holding a video
call with Ukraine President Volodymyr Zelenskiy on Sunday, the eve of Russia’s
May 9 Victory Day, which commemorates Russia’s victory over Nazi Germany in
World War II. The date has become a touchstone of the Kremlin’s campaign to whip
up public support for the invasion. 

Several G-7 countries have already pledged to diversify away from Russian
supplies. The U.S. and U.K. have already announced bans on Russian oil imports
and Germany, the European Union’s biggest economy, has backed a proposal for the
EU to get rid of it by January. The pledge is also the furthest that Japanese
Prime Minister Fumio Kishida has gone in committing his country to halting
Russian oil purchases.




The leaders will “commit to phase out our dependency on Russian energy,
including by phasing out or banning the import of Russian oil,” the G-7
statement says. “We will ensure that we do so in a timely and orderly fashion,
and in ways that provide time for the world to secure alternative supplies.”

Read More: Hungary Continues to Block EU Oil Sanctions Against Russia




The G-7 leaders also said they would take measures to prohibit or otherwise
prevent the provision of key services on which Russia depends. “This will
reinforce Russia’s isolation across all sectors of its economy,” according to
the statement. 



They are also set to work together with partners “to ensure stable and
sustainable global energy supplies and affordable prices for consumers,
including by accelerating reduction of our overall reliance on fossil fuels and
our transition to clean energy in accordance with our climate objectives.”



The statement includes pledges to continue actions “against Russian banks
connected to the global economy and systemically critical to the Russian
financial system,” pursue efforts to fight Moscow’s propaganda, and “continue
and elevate our campaign against the financial elites and family members” who
support Putin.



The meeting comes as the EU struggles to agree on its own ban on Russian oil
imports, with Hungary delaying a proposal that would phase out crude oil over
the next six months and refined fuels by January. A ban on shipping Russian oil
to third countries may also be delayed until G-7 countries commit to similar
measures, according to people familiar with the matter.  

 

 

(Updates with official statement starting in the first paragraph.)




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