G7, EU Vow to Pursure More Restrictions Against Russian Energy
Members of the G-7, along with the EU, said this week they are considering more measures to reduce Russia’s ability to export its energy around the world, including a “comprehensive” ban on all services that “enable transportation of Russian seaborne…
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crude oil and petroleum products globally” unless the oil is purchased below a certain price. The countries also said they plan to continue to reduce reliance on a range of Russian imports, including “civil nuclear and related goods,” and will help other countries also diversify away from Russia. “As we phase out Russian energy from our domestic markets, we will seek to develop solutions that reduce Russian revenues from hydrocarbons, support stability in global energy markets, and minimize negative economic impacts, especially on low- and middle-income countries,” the countries said.