New round of Russian sanctions: G7 pledged to phase out dependence on Russian energy_SMM

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SHANGHAI, May 9 – With the impasse in the Russian-Ukrainian conflict, the leaders of the Group of Seven (G7) and Ukrainian President Zelensky held a video conference call on May 8 during which the G7 met committed to phasing out or stopping imports of Russian oil. On the same day, the United States and the United Kingdom also announced a new round of sanctions against Russia respectively.

According to a joint statement, the G7 sanctions against Russia include four main measures: first, gradually reduce dependence on Russian energy; second, to prohibit or otherwise impede the provision of key services upon which Russia depends; third, to continue to take action against Russian banks that have ties to the global economy and are systemically important to the Russian financial system; and finally, to fight against Russian propaganda.

The G7 currently includes the United States, Canada, United Kingdom, France, Germany, Italy and Japan.

US sanctions

On the same day, the White House also issued a status report indicating that the United States would impose a new round of sanctions against Russia, saying that Russian companies and citizens would be banned from using American accounting services, marketing and consulting.

According to this report, the United States also intends to sanction three major Russian public television channels, including Channel One Russia, Channel One TV and broadcaster NTV, and to impose additional controls on the export of the industrial sector. Russian. New export controls will ban US exports of industrial products such as engines and bulldozers to Russia. These sanctions are expected to come into effect on May 9.

Other novelties in the sanctions package include visa restrictions for 2,600 Russian and Belarusian officials and sanctions for Russian bank executives, including 27 Gazprom Bank executives.

The British government on Sunday announced an extension of sanctions against Russia, including punitive import duties on precious metals produced in Russia and an export ban on certain British products.

Japan followed suit

Japanese Prime Minister Fumio Kishida also attended the video conference between G7 leaders and Ukrainian President Zelensky and said Japan would in principle ban imports of oil produced in Russia.

This speech by Fumio Kishida marks a slight shift in Japan’s political orientation. Just days ago, Japan’s Economy, Trade and Industry Minister Koichi Hagiota said it would be difficult to follow through on the allies’ decision to embargo Russian oil immediately. due to Japan’s limited national resources.

Japan is heavily dependent on imports for its energy, with data showing that Russian oil accounted for 4% of Japan’s total oil imports, Russian gas 9% of Japan’s total gas imports, and Russian coal 11% of Japan’s total imports. Japan in recent years. fiscal year ending March of this year.


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