G7 Vow To Phase Out Russian Oil Imports

Leaders of G7 nations pledged to ban the imports of Russian oil in response to Moscow's ongoing invasion of Ukraine, after their virtual summit attended by Ukrainian President Zelensky. The Group of Seven vowed to commit to taking the following measures:

• "First, 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."
• "Second, we will take measures to prohibit or otherwise prevent the provision of key services on which Russia depends."
• "Third, we will continue to take action against Russian banks connected to the global economy and systemically critical to the Russian financial system.
• "Fourth, we will continue our efforts to fight off the Russian regime’s attempts to spread its propaganda. Respectable private companies should not provide revenue to the Russian regime or to its affiliates feeding the Russian war machine."
• "Fifth, we will continue and elevate 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. Consistent with our national authorities, we will impose sanctions on additional individuals."
• Click here to see the full joint statement from G7 leaders.