G7 countries committed to phasing out the import of Russian oil

The G7 countries have committed to phasing out or banning the import of Russian oil, according to a statement posted on May 8, 2022, on the White House website.

“This will hit hard at the main artery of Putin’s economy and deny him the revenue he needs to fund his war. The G7 also committed to working together to ensure stable global energy supplies, while accelerating our efforts to reduce dependence on fossil fuels,” the G7 countries said in the statement.

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