G7 pledges to phase out Russian oil

The Group of Seven nations pledged to phase out imports of Russia oil.

"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," G7 leaders said in a joint statement. "We will work together and with our partners to ensure stable and sustainable global energy supplies and affordable prices for consumers."

Additionally, G7 member the United States unveiled sanctions against Russian bank Gazprombank executives and other businesses.

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