– It will strike the main pulse of Putin’s economy and deprive him of the revenue he needs to fund the war, President Joe Biden’s administration says in a statement.
He did not specify exactly what the G7 members – France, Germany, Canada, Italy, Japan, Britain and the United States – have committed to.
Western countries have so far coordinated their announcements of sanctions against Russia, but have not been so coordinated when it comes to Russian oil and gas.
The United States, which has not been a big consumer of Russian oil, has already introduced the import ban, but Europe is much more dependent on Russian oil. The EU has already announced plans to cut its dependence on Russian gas by two-thirds this year, although Germany has opposed a full boycott. Member states are continuing intense negotiations on Sunday.
The G7 held its third meeting of the year on Sunday by videoconference, which was attended by Ukrainian President Volodymyr Zelenskyj. In an announcement after the meeting, the group says Putin is shaming Russia. The choice of date is highly symbolic: Europeans commemorate the end of the Second World War in Europe on May 8.
Sunday’s meeting also comes on the eve of the May 9 military parade in Russia, which marks the Soviet Union’s victory over Nazi Germany.
Washington also announced a new round of sanctions against Russia on Sunday in a White House statement, focusing on two main areas: TV stations accused of broadcasting propaganda and access for Russian companies and wealthy individuals to services. American accounting and consulting.
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