A blow against the Kremlin’s war fund: G7 decides to end Russian oil

Hit the Kremlin war chest
G7 decides to end Russian oil

The day before the military parade in Moscow, the Kremlin has to absorb the bad news: the G7 countries have decided to impose an embargo on Russian oil. The White House has yet to release any details, but this should empty Putin’s war chest.

The G7 countries jointly agreed to phase out Russian oil imports. “The G7 as a whole committed itself today to ban or halt imports of Russian oil,” the White House said after a video conference of G7 leaders. The President of Ukraine, Volodymyr Zelensky, also participated in the deliberations. The United States announced tougher sanctions against Russia.

The White House statement said that suspending Russian oil imports to the Group of Seven countries would severely damage the “main artery of the economy” of Russian President Vladimir Putin and deprive Moscow of an important source of income to finance its war in Ukraine. Washington did not provide any additional information about the specific commitments of the G7 countries.

In a video conference, the heads of state and government of the Group of Seven major industrialized countries also recalled the end of World War II 77 years ago – and frankly, the role of the Western allies and the Soviet Union in liberating the victims of National Socialism. The statement said that Putin “brought shame to Russia and the historical victims of its people”, with his “unjustified aggressive war” against Ukraine, 77 years after the end of World War II. By invading Ukraine, Russia violated the “rules-based international order, in particular the Charter of the United Nations”, which was created after World War II “to protect future generations from the scourge of war” and has also criticized the G7 – and heads of government.

Zelensky wants Russia’s complete withdrawal

In a video conference, Zelensky stressed Ukraine’s “firm determination to protect its sovereignty and territorial integrity.” Ukraine’s goal is “the complete withdrawal of the Russian armed forces and military equipment from the entire territory of Ukraine”. He thanked the G7 members for their support.

Germany holds the rotating presidency of the Group of Seven since the beginning of the year. The group of developed countries also includes the USA, Great Britain, France, Canada, Italy and Japan. In response to the Russian war in Ukraine, US President Joe Biden imposed an import ban on Russian oil, liquefied natural gas, and coal in March. The European Union is currently planning to impose an oil embargo on Russia.

White House tightens sanctions on Kremlin media

The US government has also announced further sanctions against Russian state media and other companies and individuals. The three Russian television stations Perwy Kanal, Rossija-1 and NTW are among those affected by the punitive measures, the White House announced. The measure prohibits US companies from supporting broadcasters through advertising or the sale of equipment. “American companies should not be involved in funding Russian propaganda,” a senior White House official said. The Kremlin directly or indirectly controls the blacklisted channels.

The new sanctions will also prohibit US companies from providing financial advice or services to Russian individuals or companies. When presenting the punitive measures, the representative of the White House noted the international importance of the United States and Great Britain in the consulting sector. He cited the four consulting giants Deloitte, EY, KPMG and PwC as examples.

Western countries imposed a series of severe economic sanctions on Russia due to Russia’s aggressive war against Ukraine. But this has not yet convinced Kremlin chief Putin to reduce the attacks.

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