G7 nations aim to ban or phase out Russian oil

Amid the Russia-Ukraine war, the White House on Sunday said the entire G7 club of rich nations is “committed to phasing out or banning the import of Russian oil.”

The White House released a statement saying, “This will hit hard at the main artery of Putin's economy and deny him the revenue he needs to fund his war.”

However, the Biden government didn’t specify the commitments made by G7 members including France, Germany, Canada, Italy, Japan, Britain, and the US.

So far, several sanctions have been announced against Russia, but the west has not shown considerable tenaciousness when it comes to Russian oil and gas.

However, the US, not being the major consumer of Russian hydrocarbon, has already banned their import.

But on the other hand, Europe is largely dependent on Russian oil. The European Union has already claimed that it will cut its dependence on Russian gas by two-thirds this year.

But Germany stands in opposition to a full boycott.

The G7 members held their third meeting of the year on Sunday via video conference. Ukrainian President Volodymyr Zelensky was also part of the meeting.

participating.

The White House also came up with new sanctions against Russia. the newly announced sanctions focus on the media, and access by Russian companies and wealthy individuals to world-leading US accounting and consulting services.