[이데일리 장영은 기자] The leaders of the G7 countries have decided to phase out or ban Russian oil imports to intensify economic pressure on Russia, which has invaded Ukraine.
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According to the New York Times (NYT) on the 8th (local time), the G7 leaders issued a joint statement following a video summit with Ukrainian President Volodymyr Zelensky on the same day, saying, “We will reduce our dependence on Russian energy through a phased cessation or ban on Russian oil imports. We promise to stop it gradually.”
“We will implement[the Russian oil embargo]in a timely and orderly manner, giving the world time to secure alternative sources of supply,” he added.
The New York Times evaluated the G7’s embargo on Russian oil as a ‘double-edged sword’. Oil is Russia’s top export item, and if the export route is blocked, Russia will surely suffer a huge economic blow. At the same time, European countries that are highly dependent on Russian energy will also be hit.
The US has already banned imports of Russian oil and gas. In the case of the United States and the United Kingdom, the proportion of Russian energy is relatively small.
The European Union (EU), which procures regarding a quarter of total crude oil imports from Russia, is also discussing a plan to phase out imports of Russian crude oil. The European Commission, the executive branch of the European Union, recently proposed additional sanctions to suspend the supply of Russian crude oil within six months and the supply of Russian petroleum products by the end of this year. However, due to differences in positions among member countries, discussions are underway to devise specific measures.
The G7 leaders also said they would take steps to tighten sanctions once morest Russian President Vladimir Putin, his family and Russia’s financial elite supporting the war.
The G7 members, including the United States, United Kingdom, Germany, France, Italy, Japan and Canada, will continue to provide billions of dollars in military aid and intelligence to Ukraine.
