FILE PHOTO: Canada's Prime Minister Justin Trudeau, U.S. President Joe Biden, German Chancellor Olaf Scholz, Britain's Prime Minister Boris Johnson, France's President Emmanuel Macron, Japan's Prime Minister Fumio Kishida and Italy's Prime Minister Mario Draghi pose for a family photo during the G7 summit in Brussels, Belgium, March 24, 2022. Michael Kappeler /Pool via REUTERS
Leaders of the Group of Seven countries will pledge to ban the import of Russian oil in response to President Vladimir Putin’s war in Ukraine, according to a draft copy of the statement seen by Bloomberg.
The heads of the leading economies will make the commitment after a video call on Sunday. The statement is subject to change.
Several of the G-7 countries have already pledged to diversify away from Russian supplies, with Germany, the European Union’s biggest economy, already backing an EU proposal to ban the oil imports by January.
The leaders will "commit to phase out our dependency on Russian energy, including by phasing out or banning the import of Russian oil,” the draft says. "We will ensure that we do so in a timely and orderly fashion, and in ways that provide time for the world to secure alternative supplies.”
The G-7 leaders will also pledge to take measures to prohibit or otherwise prevent the provision of key services on which Russia depends. "This will reinforce Russia’s isolation across all sectors of its economy,” according to the draft.
