G-7 To Ban Russian Oil Imports

The U.S. and Top Allies will Ban the Import of Russian Oil, and impose a new round of Sanctions, World Leaders said Sunday. The moves, announced after a Virtual Meeting with Ukrainian President Volodymyr Zelenskyy, are meant to further Pressure Russia to End its War with Ukraine. Only the U.S. had committed previously to a Ban on Importing Russian Oil. Russia has earned $66 billion in Fuel Exports since the War began.

"Today, we, the G-7, reassured President Zelenskyy of our continued readiness to undertake further commitments to help Ukraine secure its free and democratic future, such that Ukraine can defend itself now and deter future acts of aggression," the Leaders said.

The New round of Sanctions on Russia imposed by the G-7 Nations, a group that comprises the: U.S., Canada, France, Germany, Italy, Japan, and the United Kingdom, came on the eve of Russia's celebration of Victory Day.

The May 9th Holiday commemorates the Soviet Union's Defeat of Nazi Germany in World War II.

Western Officials believe Russian President Vladimir Putin could use the Victory Day Celebration, to announce either a Triumph in Ukraine, or an Escalation of the War.

Besides a Commitment by the G-7 Nations to boycott Russian Oil, the U.S. Sanction Three Russian TV stations. U.S. Advertising Dollars, Broadcast Technology, and Equipment, will No longer be available to those Stations.

The U.S. will also impose New Export Controls and Sanctions, that will make it difficult for Russia to access: Wood Products, Industrial Engines, Boilers, Motors, Fans, Ventilation equipment, Bulldozers, and many other items with Industrial and Commercial Applications.

The White House will also Prohibit Individuals in the U.S. from providing Accounting, Trust, and Corporate Formation and Management Consulting services to any Person in Russia.

The White House said those Services are key to Russian Companies and Elites building wealth. Officials from several Top Banks in Russia, will also be Sanctioned.










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