May 29, 2022

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G7 countries agree to boycott Russia's oil

G7 countries agree to boycott Russia’s oil

“This will damage a major artery to Putin’s economy and deprive him of the income he needs to fund the war,” the administration of President Joe Biden said in a statement.

He did not specify exactly what the G7 members had committed to – France, Germany, Canada, Italy, Japan, the United Kingdom and the United States.

Western countries have so far coordinated their announcement of sanctions against Russia, but they have not been coordinated with regard to Russian oil and gas.

The US, which was not a major consumer of Russian oil, had already imposed the import ban, but Europe is more dependent on Russian oil. The European Union has already said it aims to reduce its dependence on Russian gas by two-thirds this year, although Germany has opposed a full boycott. Member states will continue intense negotiations on Sunday.

The Group of Seven held its third meeting of the year on Sunday via video conference, which was attended by Ukrainian President Volodymyr Zelensky. In an announcement after the meeting, the group stated that Putin is bringing shame to Russia. The choice of date is very symbolic: Europeans commemorate the end of World War II in Europe on May 8.

Sunday’s meeting also comes the day before the May 9 military parade in Russia, which marks the Soviet Union’s victory over Nazi Germany.

Washington also announced a new round of sanctions against Russia in a White House statement on Sunday, focusing on two main areas – TV channels accused of spreading propaganda and the access of Russian companies and wealthy people to US accounting and consulting services.

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