G7 leaders promise further economic isolation of Russia

G7 leaders promise further economic isolation of Russia

A general view of the video screen of G7 leaders during a video conference on Ukraine at the Elysee Palace, in Paris, France, May 8, 2022. Thibault Camus/Pool via REUTERS

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WASHINGTON, May 8 (Reuters) – Group of Seven leaders said in a joint statement on Sunday that they will deepen Russia’s economic isolation and “step up” a campaign against Russian elites who support President Vladimir Putin.

After meeting virtually with Ukrainian President Volodymyr Zelenskiy, the leaders said they would cut key services on which Russia depends, furthering Russia’s isolation “in all sectors of its economy”.

They also pledged to phase out dependence on Russian energy, including by banning imports of Russian oil.

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“(W)e will continue and elevate our campaign against financial elites and their family members, who support President Putin in his war effort and squander the resources of the Russian people,” the statement added.

The United States on Sunday unveiled sanctions against three Russian TV stations, banned Americans from providing accounting and consulting services to Russians and sanctioned Gazprombank executives to punish Moscow for its invasion of Ukraine. Read more

Putin calls the invasion a “special military operation” to disarm Ukraine and rid it of anti-Russian nationalism fomented by the West. Ukraine and its allies say Russia has launched an unprovoked war.

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Reporting by Simon Lewis; Editing by Lisa Shumaker

Our standards: The Thomson Reuters Trust Principles.

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