G7 nations will phase out Russian oil

The Group of Seven (G7) nations have committed to ban or phase out imports of Russian oil and the United States unveiled sanctions against Gazprombank executives and other businesses to punish Moscow for its war against Ukraine, Reuters reports.

This 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.

President Joe Biden joined G7 leaders in a video conference call with Ukrainian President Volodymyr Zelenskiy to discuss the war, support for Ukraine, and additional measures against Moscow, including on energy.

"We commit to phase out our dependency on Russian energy, including by phasing out or banning the import of Russian oil. We will ensure that we do so in a timely and orderly fashion," G7 leaders said in a joint statement. "We will work together and with our partners to ensure stable and sustainable global energy supplies and affordable prices for consumers."

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