G7 to phase out Russian oil, US sanctions Gazprombank execs over Ukraine war

U.S. President Joe Biden delivers remarks on economic growth, jobs and deficit reduction in the Roosevelt Room of the White House in Washington, U.S., May 4, 2022. REUTERS/Evelyn Hockstein

WILMINGTON, Del., May 8 (Reuters) – Group of Seven (G7) nations pledged on Sunday to ban or eliminate imports of Russian oil and the United States unveiled sanctions against executives at Gazprombank and other companies to punish Moscow for its war against Ukraine. .

The move represents the latest attempt by the West to put pressure on Russian President Vladimir Putin over his country’s invasion of Ukraine and the deadly consequences that followed. read more

President Joe Biden joined G7 leaders in a video conference with Ukrainian President Volodymyr Zelenskiy to discuss the war, support for Ukraine and further action against Moscow, including on energy. read more

“We commit to gradually eliminate our dependence on Russian energy, including by eliminating or banning the import of Russian oil. We will ensure that we do so in a timely and orderly manner,” the G7 leaders said in a joint statement. “We will work together and with our partners to ensure stable and sustainable global energy supplies and affordable prices for consumers.”

Meanwhile, the United States unveiled sanctions against three Russian television stations, banned Americans from providing accounting and consulting services to Russians, and imposed some 2,600 visa restrictions on Russian and Belarusian officials.

The moves targeting Gazprombank executives were the first involving the Russian gas-exporting giant, as the United States and its allies have shied away from taking steps that could lead to disruptions in gas supplies to Europe, Russia’s biggest customer. read more

The sanctioned Gazprombank executives include Alexy Miller and Andrey Akimov, according to a statement from the US Treasury Department.

“This is not a complete block. We will not freeze Gazprombank assets or ban any transactions with Gazprombank,” a senior Biden administration official told reporters. “What we are pointing out is that Gazprombank is not a safe haven, so we are sanctioning some of its top business executives… to create a chilling effect.”

Biden, who has praised the unity among Western leaders in confronting Russian President Vladimir Putin, met by video conference from his home in Delaware, where he will spend the weekend.

The meeting comes ahead of Russia’s Victory Day celebrations on Monday. Putin calls the invasion a “special military operation” to disarm Ukraine and rid it of anti-Russian nationalism fostered by the West. Ukraine and its allies say Russia launched an unprovoked war. read more

The United States and Europe have imposed crushing sanctions on Russia since its invasion, targeting banks, businesses and individuals in an attempt to squeeze the Russian economy and limit the resources being used to advance the war.

Eight executives from Sberbank (SBER.MM), which owns a third of Russia’s banking assets, were added to the latest US sanctions list. Also added were the Moscow Industrial Bank (MOIBI.MM) and its 10 subsidiaries.

“Taken together, today’s actions are a continuation of the systematic and methodical removal of Russia from the global financial and economic system. And the message is that there will be no safe haven for the Russian economy if Putin’s invasion continues,” he said. official.

The new export control restrictions were aimed at directly downgrading Putin’s war effort, including controls on industrial engines, bulldozers, wood products, motors, and fans. The European Union is moving in tandem with additional controls on chemicals that directly fuel the Russian military effort, the official said.

The Promtekhnologiya limited liability company, an arms manufacturer, was sanctioned, along with seven shipping companies and a marine towing company. The White House also said the Nuclear Regulatory Commission would suspend licenses to export special nuclear material to Russia.

The sanctioned television stations are directly or indirectly controlled by the state, the White House said, and included Joint Stock Company Channel One Russia, Television Station Russia-1 and Joint Stock Company NTV Broadcasting Company.

Americans will be barred from providing accounting, trust and corporate formation services, and management consulting to Russians, although the provision of legal services is still allowed.

Reporting by Jeff Mason and Steve Holland; Additional reporting by Maria Sheahan; Edited by Daniel Wallis and Lisa Shumaker

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