Group of 7 issues new sanctions against Russia over Ukraine invasion

Key Facts

• The G-7 countries — including Britain, France, Germany, Japan, Canada and Italy — also vowed to phase out or ban the import of Russian oil, a move that European leaders have so far resisted but that was proposed by the European Union last week.
• The U.S. has already banned the import of Russian oil, gas and coal as a result of Russia’s ongoing invasion of Ukraine that began in late February.
• The U.S. is adding about 2,600 visa restrictions on Russian and Belarusian officials as well as eight executives from Sberbank, Russia’s largest financial institution, and 27 executives from Gazprombank, which plays a key role in facilitating payments for Russian oil and gas exports to Europe, and Moscow Industrial Bank and its 10 subsidiaries.
• The official emphasized the sanctions extend only to Gazprombank’s top executives and do not represent a full block on the Russian energy giant.

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