With much if Europe dependent on Russian oil, the Group of 7 said the ban would take effect in “timely and orderly fashion.”
Leaders of the Group of 7 nations pledged during a virtual meeting on Sunday with President Volodymyr Zelensky to ban or phase out Russian oil, aiming to still further erode Russia’s economic standing as it pursues its invasion of Ukraine. The group did not provide details but said in a statement that the plans would be enforced in a “timely and orderly fashion, and in ways that provide time for the world to secure alternative supplies.” Oil bans are a two-edged sword. Oil is a top export for Russia, and Moscow would almost certainly sustain a big economic blow should it be banned, but parts of Europe are heavily dependent on its oil and thus are also vulnerable. The United States, which imported a relatively small amount of energy resources from Russia, has already banned the import of Russian oil and gas. The European Union, which gets about a quarter of its crude oil imports from Russia, has also announced plans for phasing out Russian oil, but is still in talks to formalize the decision.
