The leaders of the Group of Seven are committed to phasing out dependence on Russian energy, including by banning the import of Russian oil.
Leaders of the Group of Seven have pledged to phase out their countries’ dependence on Russian energy as they announced new sanctions as part of an “unprecedented” package of coordinated sanctions to punish Russia for invading Ukraine.
After meeting virtually with Ukrainian President Vladimir Zelensky on Sunday, the leaders also vowed to “launch” a campaign against Russian elites who support President Vladimir Putin.
The last show of support for Ukraine comes as Russia prepares to celebrate the defeat of Nazi Germany during World War II.
On Monday, Putin is expected to chair a parade in Moscow’s Red Square of troops, tanks, missiles and intercontinental ballistic missiles, delivering a speech that could offer clues to the future of the two-month conflict.
In a statement, the G7 – which unites the world’s seven richest nations, Canada, France, Germany, Italy, Japan, the United Kingdom and the United States – said Putin had brought “shame” to his country and “the historical victims of its people”. by invading Ukraine, 77 years after the end of World War II.
They also assured Zelensky of their commitment to help Ukraine “secure its free and democratic future” and said they would continue to “impose heavy and immediate economic costs” on Putin for his “unjustified war”.
Most importantly, the G7 has said it will phase out dependence on Russian energy, including by phasing out or banning Russian oil imports.
“We will ensure that we do this in a timely and orderly manner and in ways that allow the world time to provide alternative supplies,” the statement said.
“Evil always loses”
The G7 also said it would take steps to “prevent the provision of key services on which Russia depends” and continue to take action against Russian banks related to the global economy.
It added: “We will continue and raise our campaign against financial elites and family members who support President Putin in his military efforts and waste the resources of the Russian people.”
The White House welcomed the sanctions, saying the new measures “would hit hard on Putin’s main artery and deny him the revenue he needs to fund his war.”
Washington has also unveiled a new round of sanctions against Moscow aimed at more executives and businesses as part of a broader effort to isolate Russia and limit the resources used to advance the war. He also announced a new policy of visa restrictions for more than 2,500 Russian servicemen and Russian-backed forced servicemen in Ukraine, according to a State Department report.
Meanwhile, French President Emmanuel Macron said the G7’s sanctions against Russia were “unprecedented” and warned that “they will become even stronger”.
Praising the G7’s response, Zelenski said in a nightly video address that he felt encouraged by their actions.
“The main thing I felt today was the world’s even greater willingness to help us,” he said. “It is clear to the whole free world that Ukraine is a country of good in this war.
“And Russia will lose, because evil always loses.
There was no immediate comment from Russia on the G7’s moves.
The G7 statement also referred to the impact of the war between Russia and Ukraine on the world economy and said that rich nations would step up their efforts to counter the adverse effects.
They further expressed concern that the war was causing global economic disruption, affecting the security of global energy, fertilizer and food supplies, as well as the functioning of global supply chains.
“Together with the UN, we call on Russia to end its blockade and all other activities that further hamper Ukraine’s food production and exports, in line with its international commitments,” the statement said.
“Failure to do so will be seen as an attack on feeding the world.”
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