The leaders of the Group of Seven have committed to phasing out dependence on Russian energy, including by banning Russian oil imports.
Group of Seven leaders pledged to phase out their country dependence on Russian energy as they announced new sanctions as part of an “unprecedented” package of coordinated sanctions Punish Russia for its invasion of Ukraine.
After a virtual meeting with Ukrainian President Volodymyr Zelenskyy on Sunday, the leaders also pledged to “elevate” a campaign against Russian elites who support President Vladimir Putin.
The latest show of support for Ukraine comes as Russia prepares to celebrate Nazi Germany’s defeat during World War II.
Putin is expected to lead a parade in Moscow’s Red Square on Monday of troops, tanks, missiles and intercontinental ballistic missiles, and deliver a speech that could provide clues about the future of the two-month-old conflict.
In a statementthe G7 – which unites the seven richest countries in the world, Canada, France, Germany, Italy, Japan, the United Kingdom and the United States – said Putin has “shamed” his country and the “historical sacrifices of his people” invaded by 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 will continue to impose “heavy and immediate economic costs” on Putin for his “unjustified war”.
Most importantly, the G7 said they will phase out dependence on Russian energy, including by phasing out or banning Russian oil imports.
“We will make sure we do this in a timely and orderly manner, and in a way that gives the world time to secure alternative supplies,” it said.
‘Evil always loses’
The G7 said it will also take measures to “prevent the provision of essential services on which Russia depends” and continue to take action against Russian banks linked to the global economy.
It added: “We will continue and ramp up our campaign against the financial elites and family members who support President Putin in his war effort and squander the resources of the Russian people.”
The White House applauded the sanctions, saying the new measures “will hit hard the main artery of Putin’s economy and deprive him of the revenue he needs to fund his war”.
Washington also unveiled a new round of sanctions against Moscow targeting more executives and companies as part of a wide-ranging effort to isolate Russia and limit the resources used to advance the war. It also announced a new policy of visa restrictions on more than 2,500 Russian military officials and Russian-backed troops in Ukraine, according to a fact sheet from the foreign ministry.
French President Emmanuel Macron, meanwhile, said the G7 sanctions against Russia were “unprecedented” and warned that “they will get even stronger”.
Zelenskyy praised the G7’s response and said in his overnight video address that he was encouraged by their actions.
“The most important thing I felt today was the world’s even greater willingness to help us,” he said. “It is clear to the entire free world that Ukraine is the party 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 discussed the impact of the war between Russia and Ukraine on the global economy and said the rich countries will step up their efforts to counteract the ill effects.
They expressed concern that the war was causing global economic disruption, affecting the security of global energy supplies, fertilizer and food supplyand the functioning of global supply chains.
“Together with the United Nations, we call on Russia to end its blockade and all other activities that further impede Ukrainian food production and exports, in accordance with its international obligations,” the statement said.
“If you don’t, it will be seen as an attack on feeding the world.”