US President Joe Biden remarks on economic growth, jobs and deficit reduction in Roosevelt’s room at the White House in Washington, DC, USA, May 4, 2022. REUTERS / Evelyn Hockstein
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WILMINGTON, Del., May 8 (Reuters) – A group of seven (G7) countries pledged Sunday to ban or suspend Russian oil imports, and the United States has imposed sanctions on leaders of Gazprombank and other businesses to punish Moscow for the war. against Ukraine.
The move is the West’s latest attempt to put pressure on Russian President Vladimir Putin for his country’s invasion of Ukraine and the deadly consequences that followed. Read more
President Joe Biden joined G7 leaders in a video conference with Ukrainian President Vladimir Zelensky to discuss the war, support for Ukraine and additional measures against Moscow, including in the energy sector. Read more
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“We are committed to phasing out our dependence on Russian energy, including by phasing out or banning Russian oil imports. We will ensure that we do so in a timely and orderly manner,” G7 leaders said in a joint statement. “We will also work with our partners to ensure stable and sustainable global energy supplies and affordable prices for consumers.
Meanwhile, the United States has uncovered sanctions against three Russian television stations, banned Americans from providing accounting and consulting services to Russians, and imposed about 2,600 visa restrictions on Russian and Belarusian officials.
The measures against Gazprombank executives were the first to involve Russia’s giant gas exporter, as the United States and its allies have avoided taking steps that could cut off gas supplies to Europe, Russia’s main customer. Read more
Sanctioned Gazprom executives include Alexi Miller and Andrei Akimov, according to a statement from the US Treasury Department.
“This is not a complete block. We do not freeze Gazprombank’s assets and do not prohibit any transactions with Gazprombank, “a senior Biden administration official told reporters. “What we are signaling is that Gazprombank is not a safe haven, so we are sanctioning some of their top business managers … to create a chilling effect.”
Biden, who praised the unity of Western leaders in opposing Russian President Vladimir Putin, met via video conference from his home in Delaware, where he is spending the weekend.
The meeting is before the celebration of Victory Day in Russia on Monday. Putin called the invasion a “special military operation” to disarm Ukraine and free it from Western-backed anti-Russian nationalism. Ukraine and its allies say Russia has started an unprovoked war. Read more
The United States and Europe have imposed devastating sanctions on Russia since its invasion, targeting banks, businesses and individuals in a bid to put pressure on Russia’s economy and limit the resources used to advance the war.
Eight executives of Sberbank (SBER.MM), which holds a third of Russia’s banking assets, have been added to the latest list of US sanctions. The Moscow Industrial Bank (MOIBI.MM) and its 10 subsidiaries were also added.
“Taken together, today’s actions are a continuation of Russia’s systematic and methodical removal from the global financial and economic system. And the message is that there will be no safe haven for the Russian economy if Putin’s invasion continues,” he said.
The new export controls were aimed at directly degrading Putin’s military efforts, including control of industrial engines, bulldozers, lumber, engines and fans. The European Union is moving in tandem with additional control over chemicals that are fed directly by Russian military efforts, the official said.
Limited Liability Company Promtechnology, a weapons manufacturer, was sanctioned along with seven shipping companies and a marine towing company. The White House also said the Nuclear Regulatory Commission would suspend licenses to export special nuclear material to Russia.
The sanctioned television stations are directly or indirectly controlled by the state, the White House said, and included Channel 1 Russia, Russia-1 and NTV Broadcasting Company.
Americans will be banned from providing accounting, trust and corporate services, as well as consulting services for Russian management, although the provision of legal services is still allowed.
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Report by Jeff Mason and Steve Holland; Additional reports by Maria Sheikhan; Edited by Daniel Wallis and Lisa Shoemaker
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