West indian countries

G7 countries pledge to stop Russian oil imports

French President Emmanuel Macron takes part in a video conference with G7 leaders on Ukraine at the Elysee Palace in Paris May 8 on the 74th day of the Russian invasion of Ukraine. Photo: AFP

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French President Emmanuel Macron takes part in a video conference with G7 leaders on Ukraine at the Elysee Palace in Paris May 8 on the 74th day of the Russian invasion of Ukraine. Photo: AFP

The club of wealthy G7 nations vowed on Sunday to gradually reduce its reliance on Russian oil and issued a scathing statement accusing President Vladimir Putin of “shaming” Russia with his invasion of Ukraine.

The statement from the Group of Seven – France, Canada, Germany, Italy, Japan, Britain and the United States – does 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 the Russian economy, and it underscores the unity of the international community against Moscow’s actions.

“We are committed to phasing out our dependence on Russian energy, including by removing or prohibiting the import of Russian oil. We will ensure that we do this in a timely and orderly manner, and in a way that give the world time to find alternative supplies,” the joint statement read.

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

The announcement came as the G7 held its third meeting of the year by videoconference on Sunday, with the participation of Ukrainian President Volodymyr Zelensky.

The West has so far been closely coordinated in its sanctions announcements 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 big consumer of Russian hydrocarbons, has already banned their import.


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