The Group of Seven (G7) countries committed to banning or phasing out Russian oil imports on Sunday. Meanwhile, the United States announced sanctions against Gazprombank executives as well as other businesses in an effort to punish Moscow for its war with Ukraine.
This is the latest effort by the West to pressure Vladimir Putin over Russia's invasion and subsequent deaths.
In a video conference call, President Joe Biden joined G7 leaders to discuss the war in Iraq, support for Ukraine and additional measures against Moscow.
"We pledge to eliminate our dependence on Russian energy and to ban or reduce the import of Russian oil. In a joint statement, G7 leaders stated that they will make sure it happens in a timely manner and in an orderly manner. "We will cooperate with our partners to ensure that global energy supplies are stable and sustainable and that consumers have access to affordable energy at reasonable prices."
The United States imposed sanctions on three Russian television stations and banned Americans from providing consulting and accounting services to Russians.
Gazprombank executives were not the first to be affected by the sanctions. The United States and its allies had resisted any steps that could cause disruptions to gas supplies to Europe, Russia’s largest customer.
According to the U.S. statement, two Gazprombank executives were sanctioned: Alexy Miller (pictured) and Andrey Akimov (pictured). Treasury Department.
"This is not an entire block. A senior Biden administration official said that they are not enforcing Gazprombank's assets or prohibiting transactions with Gazprombank. "What we are doing is signaling that Gazprombank does not provide a safe haven. We're sanctioning their top business executives... to create a chilling effect."
Biden, who has praised unity among Western leaders for standing up to Russian President Vladimir Putin's aggression, met with Biden via video conference from Delaware, where he is currently spending the weekend.
This meeting takes place ahead of Russia's Victory Day celebrations Monday. Putin describes the invasion as a "special military operations" that was launched to disarm Ukraine, and eliminate anti-Russian nationalism in the West. Russia, Ukraine and its allies claim that Russia launched an unprovoked invasion.
Since Russia's invasion, the United States and Europe have placed severe sanctions on Russia. They targeted banks, businesses, and individuals to try to limit the Russian economy and reduce the use of war resources.
Eight Sberbank executives were added to the U.S. sanctions. This bank holds one-third Russia's banking assets. Moscow Industrial Bank and 10 of its subsidiaries, were also added.
"Together, today's actions represent a continuation and systematic removal of Russia from the global economic and financial system." The official stated that Putin's invasion will continue and there would be no safe haven to the Russian economy.
These new export restrictions were designed to directly harm Putin's war effort. They included controls on engines, fans, bulldozers and wood products as well as industrial engines. According to the official, additional controls are being implemented by the European Union on chemicals that directly feed into the Russian military effort.
Promtekhnologiya Limited Liability Company, a weapon maker, was sanctioned along with seven shipping firms and a marine towing firm. The White House stated that the Nuclear Regulatory Commission would not allow special nuclear material to be exported to Russia.
According to the White House, these television stations are either directly or indirectly controlled by the state. They include Joint Stock Company Channel One Russia and Television Station Russia-1.
Despite the fact that legal services are still permitted, Americans will not be allowed to provide accounting, trust, corporate formation and management consulting services for Russians.
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