G7 Leaders Pledge to Halt Russian Oil Imports and Impose New Economic Isolation | world news


Written by Sharangee Dutta | Edited by Poulomi GhoshNew Delhi

Leaders of the Group of Seven (G7) said in a joint statement on Sunday that they would impose further economic isolation on Russia for its invasion of Ukraine. After speaking with Ukrainian President Volodymyr Zelensky via video conference, the leaders pledged to phase out dependence on Russian energy, including by removing or banning the import of oil.

The leaders also said they would continue to take action against Russian banks linked to the global economy and systematically vital to Russia’s financial system.

The G7 leaders pledged to continue and intensify their campaign against financial elites and their family members “who support Russian President Vladimir Putin in his war effort and squander the resources of the Russian people”.

G7 leaders said Putin’s “unprovoked war of aggression” in Ukraine has brought “shame” to his country and “historic sacrifices to his people”.

“Russia has violated the rules-based international order, in particular the Charter of the United Nations, designed after World War II to spare succeeding generations the scourge of war,” the G7 statement said.

The leaders said they remained “united” in their resolve that Putin “must not win his war against Ukraine”.

The G7 is an intergovernmental political forum made up of France, Germany, Italy, the United States, the United Kingdom, Japan and Canada. The European Union (EU) is an ‘unlisted member’ of the group.

(With contributions from Reuters, AFP)

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