new Delhi: Leaders of the Group of Seven have pledged to continue cutting its reliance on Russian energy as it advances its aggression against Ukraine by attacking new territories in the country’s west.
In a joint statement issued on Friday, the countries said, “while ensuring that we do this in an orderly manner and providing the world with time to secure alternative and sustainable supplies.”
According to news agency ANI, the leaders of the US, UK, Canada, France, Germany, Italy and Japan said they were “determined to isolate Russia from our economies and the international financial system.”
In support of the people of Ukraine, the G7 partners are committed to taking more action that will further economically isolate Russia, putting pressure on Russian President Vladimir Putin and his supporters, the statement read.
In addition, the G7 also agreed to deny Russia “most favored nation” status related to key products, which would void the benefits of Russia’s membership in the WTO.
In line with an effort to isolate Russia, countries are working collectively to prevent Russia from receiving financing from major multilateral financial institutions, including the International Monetary Fund, the World Bank and the European Bank for Reconstruction and Development.
US President Biden will also sign an order to end the export of luxury goods to anyone based in the Russian Federation, the White House said in a statement on Friday. This will ensure that the American people are not providing the Russian elite with expensive watches, luxury vehicles, expensive apparel, expensive wine, jewelry and other items.
The US export value of products that are subject to today’s luxury goods restrictions is approximately $550 million per year. It added that the elites maintaining Putin’s war machine should no longer be able to take advantage of the system and waste the resources of the Russian people.