G7 Nations to eliminate dependency on Russian oil: The G7 club of wealthy nations pledged to wean itself off Russian oil on Sunday, issuing a strongly worded remark accusing President Vladimir Putin of having brought “shame” on Russia with his attack on Ukraine.
Read more to get the latest update on G7 Nations to eliminate dependency on Russian oil.
What is the G7?
The G7 (Group of Seven) is a grouping of the world’s seven most “advanced” economies, which dominate global trade and the international financial system. Among them are Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States.
Recently, G7 Nations to eliminate dependency on Russian oil.
Russia was admitted to the G8 in 1998 but was expelled in 2014 for its annexation of Crimea.
China has never been a member despite having the world’s largest economy and population.
What do G7 nations do?
The question is whether G7 leaders are willing to impose tougher sanctions on Russia, which would harm their own economies.
One critical issue is whether Russian oil and gas imports should be completely restricted.
Hence, G7 Nations to eliminate dependency on Russian oil.
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The US has prohibited all Russian oil and gas imports, and the UK plans to phase out Russian oil by the end of the year.
Ukraine’s leaders hope that the rest of the G7 will follow suit.
They hope that the rest will follow G7 Nations to eliminate dependency on Russian oil.
However, Russia supplies a quarter of Europe’s oil and 40% of its gas, and the EU has only agreed to cut its Russian gas imports by two-thirds so far.
Germany has already halted the controversial Nord Stream 2 pipeline project. It will carry gas from the Russian coast near St. Petersburg to Lubmin, Germany, via the Baltic Sea.
G7 Nations to eliminate dependency on Russian oil
The Group of Seven statement, which included France, Canada, Germany, Italy, Japan, the United Kingdom, and the United States, did not specify what commitments each country would make to transition away from Russian energy.
It was, however, a significant development in the ongoing campaign to put pressure on Putin by crippling Russia’s economy, and it demonstrates the international community’s unity in condemning Moscow’s actions.
Thus, G7 Nations to eliminate dependency on Russian oil.
Moreover, the announcement came as the G7 held its third video conference meeting of the year on Sunday, with Ukrainian President Volodymyr Zelensky in attendance.
So far, the West has announced sanctions against Russia in close coordination, but has not moved as quickly when it comes to Russian oil and gas.
Consequently, G7 Nations to eliminate dependency on Russian oil.
The United States, which was not a major consumer of Russian hydrocarbons, has already banned their import.
Europe, on the other hand, is far more reliant on Russian oil. Despite Germany’s opposition to a full boycott, the European Union has already stated that it intends to reduce its reliance on Russian gas by two-thirds this year, with member states continuing intense negotiations on Sunday.
Putin was also chastised by the G7 for his actions in Ukraine.
According to the group’s statement, the Russian president’s “unprovoked war of aggression” against its neighbor in Eastern Europe has brought “shame on Russia and the historic sacrifices of its people.”
“Russia has violated the international rules-based order, particularly the United Nations Charter,” the statement continued.
The G7 meeting on Sunday is significant because May 8 marks the end of World War II in Europe.
The Sunday meeting also coincides with Russia’s May 9 military parade commemorating the Soviet Union’s victory over Nazi Germany.
In the Sunay meeting, G7 Nations to eliminate dependency on Russian oil.
On Sunday, the White House announced a new round of sanctions against Russia, focusing on two major areas: the media and Russian companies’ and wealthy individuals’ access to world-leading US accounting and consulting services.
The US will impose sanctions on Joint Stock Company Channel One Russia, Television Station Russia-1, and NTV Broadcasting Company. Any US company that finances them through advertising or sells the equipment will be breaking the law.
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In addition, Washington has announced new restrictions on the export of American goods to Russia, including bulldozers, ventilation systems, and boilers.
On Sunday, the US announced visa restrictions for 2,600 Russian and Belarussian officials, as well as sanctions against Sberbank and Gazprombank officials.