G7 decided to deal a strong blow, committed to ban Russian oil

The US on May 8 announced the orders punishment against three Russian television stations, banning citizens from providing accounting and consulting services to Russians, and sanctioning Gazprombank executives, according to the report. South China Morning Post.

On the same day, the leaders of the group G7 said in a joint statement that they would step up to isolate Russia economically and step up efforts against Russian elites who support President Vladimir Putin and “squandering the resources of the Russian people”.

Leaders of G7 countries reuters

The sanctions are the latest attempt by the United States and its allies to increase pressure on Putin since Russia launched the campaign. military in Ukraine. They are announced after the US President Joe Biden had an online meeting with G7 leaders and Ukrainian President Volodymyr Zelensky to discuss the military situation.

This is the first time that Gazprombank, Russia’s gas giant, has been directly involved in the sanctions, as the US and its allies want to avoid actions that could disrupt supplies. gas In Europe, Russia’s main customer.

However, a senior US administration official noted that this is not yet a “radical punishment” for Gazprombank because the US has not yet frozen the group’s assets or banned all transactions with Gazprombank.

The leaders of the G7 countries said they would exclude Russia from key systems, further isolating Russia “across all sectors of the economy”. They also pledged to take steps to eliminate dependence on Russian energy, including banning Russian oil imports, and work together “to ensure a stable global energy supply, while promoting efforts to to reduce dependence on fossil fuels”.