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The Group of Seven nations has promised to cut their reliance on Russian energy. In a joint statement, the leaders representing the US, Uk, Canada, Japan, Germany, Italy, and France said they "remain resolved to isolate Russia further from our economies and the international financial system".
The Group of Seven nations stated they are committed to taking more action that will financially isolate Russia, put pressure on Russian President Vladimir Putin. Besides, the G-& countries have agreed to deny Russia the" most-favored-nation" tag relating to key products which will revoke Russia's membership in the World Trade Organzation (WTO).
The leaders said they are collectively working to prevent Russia from obtaining financial aid from leading multilateral financial institutions, such as IMF, World Bank, and European Bank.
"The world should join together in calling on President Putin and his regime to immediately stop its ongoing assault against Ukraine and withdraw its military forces. We stand in solidarity with those who are bravely opposing the invasion of Ukraine," the G-7 nations said in a statement.
The Group of Seven also urged Russia to ensure safe and unhindered humanitarian access to victims of its assault in Ukraine and to allow safe passage for civilians wishing to leave.
"We call for, and commit to providing, humanitarian, medical, and financial support to refugees from Ukraine," they added.
Meanwhile, President Joe Biden said he is banning imports of Russian vodka, and caviar. Total US alcohol imports in 2021 were $729 million, while seafood imports totaled $4.9 billion, according to data compiled by Bloomberg.
The import of non-industrial diamonds from Russia also will be banned, and the US will bar exports of luxury goods to Russia, Biden said.
“We’re also going to make it harder for them to buy high-end products manufactured in our country," he said.
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