G7 countries pledged to abandon Russian oil

Germany, France, Italy and other G7 countries will refuse oil from RUSSIA, the leaders said in a joint statement. They made it after an online meeting with Zelensky.

All G7 countries (G7: Germany, France, Great Britain, Italy, CANADA, Japan and the United States ) have agreed to phase out Russian oil imports or follow the United States in an embargo to reduce Russian budget revenues, the White House said.

"This will hit the main artery of Putin's economy hard and deprive him of the profits" needed to finance the military operation, the report said.

As the presidential administration assured, these measures will be taken in accordance with the requirements of the law and the procedures of each partner.

The White House released a statement from the G7 leaders saying that the process of phasing out Russian oil will be carried out "in a timely and orderly manner" with the guarantee of supply from alternative exporters at affordable prices. This, according to the resolution, is planned to be achieved, among other things, by reducing dependence on fossil fuels and switching to clean energy.

Hungary vowed to prevent EU embargo on oil from Russia Politics

The United States announced this decision after a conversation between US President Joe Biden and the leaders of the G7 countries with Ukrainian President Volodymyr Zelensky. The White House emphasized that during the conversation, the parties discussed "strengthening Ukraine's position on the battlefield and at the negotiating table", saying that the consequences of sanctions "will nullify Russia's economic achievements over the past 15 years."

The United States imposed an embargo on oil and gas supplies from Russia in early March, the HEAD of European diplomacy, Josep Borrell, then said that it would be more difficult for European countries to decide on a similar step because of the larger share of Russian imports. “Saying ‘I won’t do what I don’t already do’ is not of great importance,” the diplomat said.

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Earlier, the German Ministry of Economy considered that the rejection of Russian oil would be a "heavy burden", but indicated their readiness to take this step. The Japanese authorities noted that oil is a hard-to-replace resource and there will be no immediate cessation of supplies from Russia.

The European Commissioner called the timing of the introduction of a complete embargo on Russian oil Business

The European Union has introduced five packages of restrictive measures against Russia, while they did not have an oil embargo, but restrictions on the supply of Russian coal have been adopted. European countries cannot yet reach a consensus on the issue of a ban on the purchase of Russian oil - in particular, Hungary opposes it.

“We will not allow this, because we cannot allow anyone to destroy the results of the many years of efforts of the Hungarian people, our selfless work,” said Hungarian Foreign Minister Peter Szijjarto. Hungarian Prime Minister Viktor Orban compared the plans for an oil embargo to "an atomic bomb that they want to drop" on the Hungarian economy. According to him, it takes “years” to rebuild the Hungarian energy sector.

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