Russia-Ukraine Conflict: G7 Nations Vow To Further Reduce Reliance On Russian Energy

The leaders from the US, UK, Canada, France, Germany, Italy and Japan said they "remain resolved to isolate Russia further from our economies and the international financial system

Representation Image | (File Photo/Getty Images)

New Delhi: Leaders of the Group of Seven nations have promised to continue cutting down their reliance on Russian energy as it advanced its aggression against Ukraine by striking new areas in the west of the country.

In a joint statement issued on Friday, the countries said, "While ensuring that we do so in an orderly fashion and in ways that provide time for the world to secure alternative and sustainable supplies."

The leaders from the US, UK, Canada, France, Germany, Italy, and Japan said they "remain resolved to isolate Russia further from our economies and the international financial system," according to the news agency ANI.

In their support to the people of Ukraine, G7 partners are committed to taking more action that will financially isolate Russia, put pressure on Russian President Vladimir Putin and his enablers, the statement read.

Apart from this, G7 also agreed to deny Russia "most-favored nation" status relating to key products, which will revoke benefits of Russia's membership in the World Trade Organisation.

In line with the efforst to isolate Russia, the countries are working collectively to prevent Russia from securing financing from leading multilateral financial institutions including the International Monetary Fund, World Bank and European Bank for Reconstruction and Development.

US President Biden will also sign an order to end the exportation of luxury items to any person located in the Russian Federation, said a White House statement on Friday. This will ensure that US people are not providing luxury items, such as high end-watches, luxury vehicles, high-end apparel, high-end alcohol, jewelry, and other goods to Russian elites.

The US export value of the products covered by today’s luxury goods restrictions is nearly $550 million per year. The elites who sustain Putin’s war machine should no longer be able to reap the gains of this system and squander the resources of the Russian people, it said.