G7 commits to phase out dependence on Russian oil

A statement from the G7 including France, Canada, Germany, Italy, Japan, the UK and the US stated: “We are committed to gradually eliminating dependence on Russian energy, including the prohibition oil import of Russia”.

The West has so far shown close coordination in sanctions decisions against Russia, but the pace of push for sanctions related to Russian oil and gas has been uneven.

The United States – which is not a major consumer of Russian oil – has banned the import of Russian oil. But Europe is more dependent on Russian oil.

European Union (EU) says it is aiming to cut its dependence on Russian gas by two-thirds this year, even though Germany has resisted calls for a complete boycott of Russian gas.

On the same day, the US also announced a new round of sanctions against Russia, focusing on two main areas: the media and the access of Russian companies and wealthy individuals to private services. America’s leading accounting and consulting firm.

The US will sanction Channel One Russia Joint Stock Company, Russia-1 Television Station and NTV Broadcasting Joint Stock Company.

Any U.S. company would be prohibited from financing them through advertising or selling equipment to these Russian entities, alleging that these media outlets are controlled directly or indirectly by the Kremlin. .

In addition, the United States also prohibits the provision of accounting, trust and company formation services as well as management consulting services to any person in the Russian Federation. Such services are used to run multinational companies, but are also capable of circumventing sanctions or concealing illicit wealth.

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