The G7 countries have agreed on an important decision.
The G7 countries have committed to phasing out or banning Russian oil imports altogether. This is stated in a statement that appeared on Sunday, May 8, on the White House website.
“This is a powerful blow to the main artery of Putin's economy. It will deprive Russia of the revenue needed to finance the war. “The G7 has also committed itself to working together to ensure a stable global energy supply, while stepping up our efforts to reduce fossil fuel dependence,” the statement said.
The White House also noted that the unprecedented sanctions imposed earlier have already caused enormous damage to Russia's economy. In particular, two large tank plants in Russia – Uralvagonzavod Corporation and Chelyabinsk Tractor Plant – have suspended operations due to lack of foreign components. Almost 1,000 private sector companies have left Russia. Skilled labor is also leaving the country: according to preliminary data, since the beginning of the full-scale Russian invasion of Ukraine, more than 200,000 Russians have left their homeland in search of a better life.
The US presidential administration stressed that Russia's economic losses will only increase over time.
Read also: Representatives of the Foreign Ministries of France, Germany, Italy, Britain and the United States agreed on additional sanctions against Russia
Earlier it was reported that Russia was expelled from the International Gas Union.
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