Russia, which has been subjected to hundreds of sanctions since its invasion of Ukraine, has been caught on the radar of the G7 countries this time. G7 countries announced that they would end oil imports.
Russia continues to receive penalties for its invasion of Ukraine more and more every day. Dozens of companies have imposed sanctions on Russia, which has not yet thought of withdrawing from the war. Music and Podcast platform Spotify, technology giant Sony, Visa and many other companies imposed sanctions on Russia after the invasion of Ukraine.
However, the real blow to Russia will come from the G7 countries. According to the latest statements, Russia, which exports oil to many countries, will end its agreement with the G7 countries. This reveals that countries that make up 64 per cent of global wealth will deal a heavy blow to Russia. So much so that the G7 countries; consist of countries such as Germany, the United States of America, the United Kingdom, Italy, France, Japan and Canada.
Oil exports will be phased out
G7 countries announced that they would cut oil exports from Russia gradually or entirely as part of the new sanctions package against Russia. G7 country leaders, who came together at the meeting held in the USA, held an important meeting with the participation of Ukrainian President Vladimir Zelensky. As a result of this meeting, a critical decision was reached. Stating that they support Ukraine in every sense, the leaders noted that the sanctions imposed on Russia destroyed the gains made in the last 15 years in the country’s history.
Oil imports came to Russia in one blow, which received heavy blows financially. In a statement stating that it banned oil imports to Russia, it was stated that the G7 countries would also cut oil imports gradually or completely. This shows that Russia’s biggest source of income will be cut off.
On the other hand, in the statement reminding that the USA has already banned oil imports from Russia, it was noted that the G7 countries will gradually end or completely ban oil imports from Russia today. In addition, the US has clarified the new sanctions to be imposed. In this context; While new sanctions were imposed on the import of products such as wood materials, industrial motors, fans, ventilation equipment and dozers from Russia, it was also informed that a visa restriction would be imposed on Russian military officials.