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White House says G7 countries “committed to phasing out or banning the import of Russian oil, escalating pressure on President Vladimir Putin over the invasion of Ukraine Russia’s President Vladimir Putin is under increasing pressure against the invasion of Ukraine.

White House says G7 countries “committed to phasing out or banning the import of Russian oil, escalating pressure on President Vladimir Putin over the invasion of Ukraine Russia’s President Vladimir Putin is under increasing pressure against the invasion of Ukraine.
Written by Arindam
White House says G7 countries “committed to phasing out or banning the import of Russian oil, escalating pressure on President Vladimir Putin over the invasion of Ukraine Russia’s President Vladimir Putin is under increasing pressure against the invasion of Ukraine.

Washington: Russia is facing sanctions from Western countries for invading Ukraine. Now the US has said that the G-7 countries are committed to reducing or restricting Russian oil imports in a phased manner. The Biden administration issued a statement saying it would hit the strongest part of Russia’s economy. Due to this, Russia will not be able to get the necessary money for the war. The G7 countries include France, Germany, Canada, Italy, Japan, the UK and the US. Many of these countries occupy the top positions in the world in terms of economy.

NATO not unanimous on sanctions on Russian oil
Western countries have so far shown coordination in their declarations of sanctions against Russia. However, when it comes to Russian oil and gas, the Allies also have differing opinions. Many of the countries included in NATO are the largest users of Russian oil and gas. In such a situation, they suddenly find it difficult to ban. The US was the first to impose sanctions on Russian oil and gas because it imports very little of its energy needs.

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European countries dependent on Russian oil and gas
At the same time, unlike America, European countries are largely dependent on Russian oil and gas. The European Union has already said it is aiming to cut its reliance on Russian gas by two-thirds this year, although Germany has resisted calls for a complete boycott. Since then, talks between European countries and the US on the issue of boycott are going on.

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US announces new sanctions against Russia
The G7 held its third meeting this year via video conferencing on Sunday. It was attended by the President of Ukraine Volodymyr Zelensky. After this meeting, the White House has also announced new sanctions against Russia. It has targeted Russian media, companies and wealthy individuals. The US has banned joint stock company Channel One Russia, television station Russia-1 and joint stock company NTV Broadcasting.

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What is G-7?
The G-7 is a grouping of the world’s 7 largest developed economies. This includes the US, UK, France, Japan, Germany, Italy and Canada. Its first summit was held in 1975 but then it had only 6 members. Canada also joined it in 1976, after which it got the name ‘Group of Seven’. From this time onwards, Britain has invited India, Australia, South Korea and South Africa to the summit as the G-7 chair.

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Arindam

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