Cutting out Russian oil supplies “will hit hard at the main artery of (President Vladimir) Putin’s economy and deny him the revenue he needs to fund his war,” the G-7 countries, which include the US, Britain, Canada, Germany, France and Italy and Japan, said in a statement.
“We will ensure that we do so in a timely and orderly fashion, and in ways that provide time for the world to secure alternative supplies,” they added.
Casting a look back at World War II, the leaders stressed unity in their resolve that Putin must not win.
“We owe it to the memory of all those who fought for freedom in the Second World War, to continue fighting for it today, for the people of Ukraine, Europe and the global community,” they said.
US President Joe Biden’s call with the G-7 leaders and Zelenskyy lasted about an hour.
Italy Prime Minister Mario Draghi’s office said in a statement that the G-7 leaders “reiterated the commitment to diversify energy sources, reducing. dependence on Russian supplies.” Italy, heavily dependent on Russian natural gas when the war began, has since secured several agreements for alternative gas supplies from other countries. Draghi is scheduled to meet with Biden in Washington on Tuesday.
The US also announced new sanctions against Russia for its invasion of Ukraine. They include cutting off Western advertising from Russia’s three largest television stations, banning US accounting and consulting firms from providing services to any Russian, and piling additional restrictions on Russia’s industrial sector, including cutting off Moscow from wood products, industrial engines, boilers, bulldozers and more.
The White House announced the new sanctions ahead of the May 9 Victory Day, when Russia traditionally celebrates Nazi Germany’s defeat in 1945 with huge military parades.
Putin is expected to talk about what Russia calls its special military operation in Ukraine and address troops on Red Square on Monday.
The US and European allies were seeking to offer counter-messaging that Putin is further isolating Russia from the rest of the world and doing harm to the Russian economy.
The new round of US sanctions will hit three of Russia’s most popular television stations in Russia – Channel One Russia, Russia-1, and NTV — that the US has said have been at the forefront of spreading misinformation about Russia’s prosecution of the invasion.
The Biden administration said the new sanctions prohibiting US accounting and consulting firms from doing business in Russia will help thwart Russian companies and elites from getting help to obscure their wealth and evade an avalanche of sanctions that have already been enacted.
The US also said it imposed some 2,600 visa restrictions on Russian and Belarusian officials and issued a new visa restriction policy that applies to Russian military officials and authorities.