G7 governments have announced plans to ban the import of Russian oil to punish Vladimir Putin for invading Ukraine.
The group – which includes the United States – made the announcement Sunday.
It appeared as part of a list of new sanctions, and said: ‘First, we commit to phase out our dependency on Russian energy, including by phasing out or banning the import of Russian oil.
‘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.’
Their statement continued: ‘As we do so, we will work together and with our partners to ensure stable and sustainable global energy supplies and affordable prices for consumers, including by accelerating reduction of our overall reliance on fossil fuels and our transition to clean energy in accordance with our climate objectives.’
The G7 is comprised of Canada, France, Germany, Italy, Japan, the United Kingdom and the US. The European Union, which has 27 member states, is also considered an honorary member.
Many of the G7 nations’ continued purchase of Russian oil and gas by Ukrainian allies – including Germany – has sparked accusations that they’re indirectly funding Putin’s flagging war effort.
This section of the G7 declaration outlines the new sanctions being imposed on Russia
Other sanctions listed Sunday include trying to ‘prohibit or otherwise prevent the provision of key services on which Russia depends’ to isolate its economy.
Further details on the nature of these services haven’t been shared, and the G7 made a separate point announcing fresh plans to target Russia’s banks and its financial system.
The G7 announced fresh plans to target Russia’s ‘financial elites and family members who support President Putin in his war efforts and squander the resources of the Russian people.’
Last week, Italian authorities seized Putin’s $750 million superyacht the Scheherazade to stop it from being taken into international waters.
Other Russian oligarchs have also seen their yachts, homes and businesses targeted. Roman Abramovich is being forced to sell his London-based soccer club Chelsea FC at a loss after its finances were frozen by the UK government over Abramovich’s longstanding ties to Putin.
Ukrainian President Volodymyr Zelensky has urged G7 nations and their allies to take the harshest line against Putin possible since his country was invaded in February.
But the US and others have refused to heed his calls to impose a no-fly zone over Ukraine, over fears such a move would amount to a direct conflict with Russia and trigger an apocalyptic World War Three.
G7 nations including the US have announced they’re banning the import of Russian oil and gas to punish Vladimimr Putin, pictured on May 6, for invading Ukraine
Ukrainian President Volodymyr Zelensky has long called for the strongest sanctions possible against Russia, although the US and its allies have so-far resisted his calls to impose a no-fly zone over Ukraine over fears it would trigger World War Three
The sanctions on Sunday come on the heels of news that the Italian Police has moved to seize a £500million superyacht rumored to belong to Putin.
The Scheherazade been out of the water at the Porto di Carrara marina near Massa, in northern Italy, since late summer 2020 when it arrived just months after being launched to undergo a re-fit.
Last week, it was moved back into the ocean, according to the Daily Telegraph, as crew members were spotted taking large tarpaulins off of her deck and carrying out inspections.
The vessel’s British captain, Guy Bennett, was served with paperwork telling him it was not allowed to set sail.
Locals feared that the ship – 450ft long and equipped with its own spas, swimming pools, a gym and two helipads – would depart the marina before being seized.
Authorities in the Italian port of Marina di Carrara near Pisa had been trawling through paperwork in a bid to identify the vessel’s ultimate owner since March.
Supporters of jailed Putin critic Alexei Navalny have established The Scheherazade’s Russian crew were all members of the Russian tyrant’s personal protection service.
However, they have since been replaced by a skeleton crew of Britons who have been told they must remain onboard for the time being.
The exclusive footage obtained by MailOnline shows a launch from the Italian financial police approaching the yacht with its blue lights flashing.
Officers boarded The Scheherazade to serve paperwork to the yacht’s British captain Guy Bennett Pearce, telling him it would be unable to set sail from the dry dock where it is undergoing a multi-million-pound refit
Authorities in the Italian port of Marina di Carrara near Pisa have been trawling through paperwork in a bid to identify the vessel’s ultimate owner since March
Officers boarded the yacht to serve paperwork. A helicopter also buzzed the yacht to ensure that it didn’t set sail as a large crowd of onlookers gathered to watch
The yacht has been in dry dock since last summer and in previous years has also been spotted at the Russian Black Sea resort of Sochi where Putin has a lavish summer holiday residence
In April, Britain, the United States and the European Union had unveiled measures designed to weaken the Russian war machine and force it to withdraw from Ukraine.
The UK moved to freeze the assets of Sberbank, Russia’s largest bank, and the Credit Bank of Moscow in what Foreign Secretary Liz Truss said were ‘some of our toughest sanctions yet’.
The UK committed to end all imports of Russian coal and oil by the end of the year, with gas to follow as soon as possible. Imports of Russian iron and steel products will be banned and a further eight oligarchs have also been added to the sanctions list.
The April sanctions also targeted Maria Vorontsova and Katerina Tikhonova, the two adult daughters of Putin’s with his former wife Lyudmila Shkrebneva.
Also hit with sanctions were the wife and daughter of Russian Foreign Minister Sergei Lavrov and members of Russia’s Security Council, including former President and Prime Minister of Russia Dmitry Medvedev and Prime Minister Mikhail Mishustin.
A woman looks on a crater of an explosion after Russian airstrike in Kostyantynivka, Donetsk region, Ukraine, Saturday, May 7, 2022
This image provided by the Irpin Mayor’s Office shows Canadian Prime Minister Justin Trudeau, second from right, speaking with mayor Oleksandr Markushyn, center wearing t-shirt, in Irpin, Ukraine, Sunday, May 8, 2022. Trudeau made a surprise visit to Irpin on Sunday. The city was severely damaged during Russia’s attempt to take Kyiv at the start of the war.
Ivan Andreiev who fled from Mariupol with his family kisses his cat Leonardo upon his arrival to a reception center for displaced people in Zaporizhzhia, Ukraine, Sunday, May 8, 2022. Thousands of Ukrainian continue to leave Russian occupied areas
Maksym, 3, is photographed with his brother, Dmytro, 16, on top of a destroyed Russian tank, on the outskirts of Kyiv, Ukraine on Sunday, May 8, 2022
This satellite image taken by Planet Labs PBC shows thick black smoke rising after a suspected Ukrainian drone strike on Russian positions on Snake Island, Ukraine, in the Black Sea Friday, May 6, 2022
As the war approaches its tenth week, more than 3,000 Ukrainians were confirmed to have died in the conflict, according to an estimate by the United Nations.
The organization said that the real number is ‘likely considerably higher,’ and independent sources point at more than 10,000 civilian fatalities in the war-torn country.
NATO estimates that Russia and Ukraine have both lost around 15,000 troops each.
On Sunday, dozens of Ukrainians were feared dead after a Russian bomb flattened a school sheltering about 90 people in its basement, while Ukrainian fighters held out at the battered Mariupol steel plant as Moscow’s forces rushed to seize it ahead of Russia’s Victory Day holiday.
The governor of Luhansk province, part of the eastern industrial heartland known as the Donbas, said emergency crews found two bodies and rescued 30 people at the school in the village of Bilohorivka after Saturday’s bombing.
‘Most likely, all 60 people who remain under the rubble are now dead,’ Gov. Serhiy Haidai wrote on the Telegram messaging app. Russian shelling also killed two boys, ages 11 and 14, in the nearby town of Pryvillia, he said.
As Moscow prepared to celebrate the 1945 surrender of Nazi Germany with a Victory Day military parade on Monday, a lineup of Western leaders made surprise visits to Ukraine to rally support for the country.
US first lady Jill Biden met with her Ukrainian counterpart, and Canadian Prime Minister Justin Trudeau raised his country’s flag at its embassy in Kyiv.
The newly appointed acting US ambassador to Ukraine, Kristina Kvien, posted a picture of herself at the American Embassy, trumpeting plans for the US return to the Ukrainian capital weeks after Moscow’s forces abandoned their effort to storm Kyiv and began focusing on the capture of the Donbas instead.
Ukrainian President Volodymyr Zelenskyy has warned that attacks would only worsen in the lead-up to Victory Day, and some cities declared curfews or otherwise cautioned people about gathering in public.
Putin is believed to want to proclaim some kind of triumph in Ukraine when he addresses the troops on Red Square.
A family who fled from Myrne in a towed car work on repairing it upon their arrival to a reception center for displaced people in Zaporizhzhia, Ukraine, Sunday, May 8, 2022. Thousands of Ukrainian continue to leave Russian occupied areas
A man who fled from a small village near Polohy rests upon his arrival to a reception center for displaced people in Zaporizhzhia, Ukraine, Sunday, May 8, 2022. Thousands of Ukrainian continue to leave Russian occupied areas
This image provided by the Irpin Mayor’s Office shows Canadian Prime Minister Justin Trudeau walking with mayor Oleksandr Markushyn, right, in Irpin, Ukraine, Sunday, May 8, 2022. Trudeau made a surprise visit to Irpin on Sunday. The city was severely damaged during Russia’s attempt to take Kyiv at the start of the war
People react as they stand next to a crater in destroyed residential area after Russian airstrike in Bakhmut, Donetsk region, Ukraine, Saturday, May 7, 2022