G7 will phase out Russian oil

RUSSIA / FSU POLITICS - In Brief 08 May 2022 by Alex Teddy

On May 8 the US announced the move. The G7 includes the US, the UK, France, Germany, Japan and Canada. President Zelensky was allowed to take part in the online G7 conference. The United States said the move is to punish Russia for the Ukraine War and make it harder for Moscow to fund its military. Russia was part of the group as the G8 but Russia was expelled in 2014 over the annexation of Crimea. No time scale was suggested to stop buying Russia oil nor indeed was Russian gas mentioned. The US has already banned Russian oil and gas but bought very little of its energy requirement from Russia.The EU aims to reduce Russian enegry imports by 67% in 2022. Germany wants to end the imports completely.On May 8 the US said more sanctions were coming on the Russian media services such as accounting and consulting. The UK has already implemented such sanctions. The US is sanctioning Joint Stock Company Channel One Russia and Joint Stock Company NTV. American companies are banned from all dealings with these outlets. The US regards these channels as Kremlin controlled. US companies will be prohibited from providing accounting, trust and corporate formation and management consultancy services to any person or entity from Russia. The US wants to prevent Russian companies being able to use such services to work around sanctions.The EU has more industrial links with Russia and the US does. US companies such as Deloitte, EY, KPMG and PwC until now had many Russian clients.The US is also forbidding the export of bulldozers, ventilation systems, boilers and other hardware. The United States is also placing visa restrictions on 2 600 Russian and Belarusian bureaucrats as well as senior...

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