G7 governments have announced plans to ban the import of Russian oil to punish Vladimir Putin for invading Ukraine.
The group – which includes the United States – made the announcement Sunday.
It appeared as part of a list of new sanctions, and said: ‘First, we commit to phase out our dependency on Russian energy, including by phasing out or banning the import of Russian oil.
‘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.’
Their statement continued: ‘As we do so, we will work together and with our 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 G7 is comprised of Canada, France, Germany, Italy, Japan, the United Kingdom and the US. The European Union, which has 27 member states, is also considered an honorary member.
Many of the G7 nations’ continued purchase of Russian oil and gas by Ukrainian allies – including Germany – has sparked accusations that they’re indirectly funding Putin’s flagging war effort.
Other sanctions listed Sunday include trying to ‘prohibit or otherwise prevent the provision of key services on which Russia depends’ to isolate its economy.
Further details on the nature of these services haven’t been shared, and the G7 made a separate point announcing fresh plans to target Russia’s banks and its financial system.
The G7 announced fresh plans to target Russia’s ‘financial elites and family members who support President Putin in his war efforts and squander the resources of the Russian people.’
Last week, Italian authorities seized Putin’s $750 million superyacht the Scheherazade to stop it from being taken into international waters.
Other Russian oligarchs have also seen their yachts, homes and businesses targeted. Roman Abramovich is being forced to sell his London-based soccer club Chelsea FC at a loss after its finances were frozen by the UK government over Abramovich’s longstanding ties to Putin.
Ukrainian President Volodymyr Zelensky has urged G7 nations and their allies to take the harshest line against Putin possible since his country was invaded in February.
But the US and others have refused to heed his calls to impose a no-fly zone over Ukraine, over fears such a move would amount to a direct conflict with Russia and trigger an apocalyptic World War Three.