G7 countries pledge to stop Russia oil imports

(EurActiv, 9 May 2022) The G7 club of wealthy nations committed Sunday (8 May) to phasing out its dependency on Russian oil and issued a scathing statement accusing President Vladimir Putin of bringing “shame” on Russia with his invasion of Ukraine.

The statement from the Group of Seven – France, Canada, Germany, Italy, Japan, Britain and the United States – did not specify exactly what commitments each country will make to move away from Russian energy.

But it was an important development in the ongoing campaign to pressure Putin by crippling Russia’s economy, and underscores the unity of the international community against Moscow’s actions.

“We commit to phase out our dependency on Russian energy, including by phasing out or banning the import of Russian oil. We will ensure that we do so in a timely and orderly fashion, and in ways that provide time for the world to secure alternative supplies,” the joint statement said.

“This will hit hard at the main artery of Putin’s economy and deny him the revenue he needs to fund his war,” the White House said.

EU progress on proposed Russian oil ban, no deal yet

The announcement came as the G7 held its third meeting of the year on Sunday via video conference, with Ukrainian President Volodymyr Zelenskyy participating.

The West has so far displayed close coordination in its announcements of sanctions against Russia, but has not moved at the same pace when it comes to Russian oil and gas.

The United States, which was not a major consumer of Russian hydrocarbons, has already banned their import.

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EurActiv, 9 May 2022: G7 countries pledge to stop Russia oil imports

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