“This will hit the main artery of Putin’s economy and deny him the income he needs to finance the war,” said President Joe Biden’s administration in a statement.
He did not specify exactly what the G7 members – France, Germany, Canada, Italy, Japan, the United Kingdom and the United States – have committed themselves to.
Western countries have so far coordinated their announcements of sanctions against Russia, but have not been as coordinated with regard to Russian oil and gas.
The United States, which has not been a major consumer of Russian oil, has already introduced the import ban, but Europe is far more dependent on Russian oil. The EU has already said it aims to cut its dependence on Russian gas by two-thirds this year, even though Germany has opposed a full boycott. The member states continue intense negotiations on Sunday.
The G7 held its third meeting of the year on Sunday via video conference, in which Ukrainian President Volodymyr Zelenskyj attended. In an announcement after the meeting, the group states that Putin brings shame on Russia. The choice of date is highly symbolic: Europeans commemorate the end of World War II in Europe on 8 May.
Sunday’s meeting also comes the day before the military parade on May 9 in Russia, which marks the Soviet Union’s victory over Nazi Germany.
Washington also announced a new round of sanctions against Russia in a White House statement on Sunday, focusing on two main areas – TV channels accused of spreading propaganda and Russian companies and wealthy individuals’ access to US accounting and consulting services.
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