G7 leaders pledge to phase out Russian oil imports over Ukraine war
Jeff Mason and Steve Holland
The move represents the latest attempt by the West to put pressure on Russian President Vladimir Putin for his country’s invasion of Ukraine and the deadly aftermath that ensued. Meanwhile, the US unveiled sanctions against three Russian television stations, banned Americans from providing accounting and consulting services to Russians, and imposed about 2,600 visa restrictions on Russian and Belarusian officials.
“This is not a full block. We’re not freezing the assets of Gazprombank or prohibiting any transactions with Gazprombank,” a senior Biden administration official told reporters. “What we’re signalling is that Gazprombank is not a safe haven, and so we're sanctioning some of their top business executives ... to create a chilling effect.”
The US and Europe have imposed crushing sanctions on Russia since its invasion, targeting banks, businesses and individuals in an attempt to squeeze the Russian economy and limit resources being used to advance the war. The new export control restrictions were aimed at directly degrading Putin’s war effort, including controls on industrial engines, bulldozers, wood products, motors, and fans. The EU is moving in tandem with additional controls on chemicals that feed directly into the Russian military effort, the official said.
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