The statement emphasizes that the G7 countries have already imposed a number of coordinated sanctions against the regime of Russian President Vladimir Putin to make it difficult for him to wage an aggressive war against Ukraine, and will continue to increase pressure.
The signatories of the statement collectively commit to take a series of measures “in accordance with the legal powers and processes.”
“First, we are committed to gradually reducing our dependence on Russian energy, including by phasing out or banning imports of Russian oil. We will ensure that this is done in a timely and orderly manner and in a manner that gives the world time to secure alternative supplies. “, the statement said.
The G7 countries are also promising to take action to ban or otherwise prevent the provision of key services on which Russia depends in order to increase Russia’s isolation in all sectors of its economy.
“Third, we will continue to take action against Russian banks linked to the global economy and systemically critical to the Russian financial system,” the text says.
In addition, the G7 countries vow to continue the fight against the propaganda spread by the Russian regime and intensify the campaign against the financial elite who support Putin in his military actions and “squander the resources of the Russian people.”
Video conference of G7 leaders held on May 8 with the participation of the President of Ukraine Volodymyr Zelensky.
After Russia’s full-scale invasion of Ukrainewhich began on February 24, the West imposed several packages of sanctions against the Russian Federation, and also began to abandon Russian oil and gas and look for an alternative to them. In particular, the embargo on imports of Russian oil and gas has already entered the US, Canada i AustraliaGreat Britain by the end of 2022 intends to completely abandon from Russian energy supplies.
European Union developed a planto quickly get rid of dependence on Russian energy resources. On April 6, President of the European Council Charles Michel said that sooner or later the European Union will impose restrictions on the supply of Russian oil and gas.
After the Russian army left the Kyiv region and it became known about atrocities of the occupiers against civilians Ukraine, European Parliament urged the EU to immediately impose an embargo on Russian oil, gas, coal and exclude the Russian Federation from the G20.
The President of Ukraine believes that any sanctions against the Russian Federation that do not affect oil, “will be received in Moscow with a smile”.
On April 8, the European Union introduced fifth package of sanctions against Russia. It includes an embargo on the supply of coal and other types of solid fossil fuels from the Russian Federation, but does not apply to gas and oil.
The head of European diplomacy, Josep Borrell, said that the EU in the sixth package of sanctions will expand the list of Russian bankswhich will disconnect from the international payment system SWIFT, and introduce restrictions for the energy sector of the Russian Federation.
However, on 8 May the European Union failed to agree on a new package of sanctions against the Russian Federation due to Hungary’s position on the oil embargo, Bloomberg reported.