G7 Agrees on Oil Embargo Ahead of Russia's Victory Day... "Putin Will Not Win"

US Sanctions Gazprombank Executives to Strengthen Oil Embargo
US First Lady and Canadian Prime Minister Make Surprise Visit to Ukraine, Emphasizing Support Commitment

British Prime Minister Boris Johnson is holding a G7 video conference at 10 Downing Street, London, on the 8th (local time), with Ukrainian President Volodymyr Zelensky in attendance. London (UK) = EPA · Yonhap News Photo by EPA

[Asia Economy reporters Hyunwoo Lee and Hyunui Cho] The leaders of the Group of Seven (G7), consisting of the United States and key core allies, have declared a principled agreement to ban Russian oil imports. The U.S. government also announced separate additional sanctions against Russia, increasing pressure on Moscow. This is interpreted as a strong warning amid concerns that Russia may shift to a wartime footing, including declaring full-scale war on Ukraine ahead of the Victory Day celebrations commemorating the end of World War II.

On the 8th (local time), the G7 leaders from the U.S., the U.K., Germany, France, Italy, Japan, and Canada held a virtual summit with Ukrainian President Volodymyr Zelenskyy and announced a principled agreement on the Russian oil embargo.

In a joint statement released by the G7 leaders, they said, "We commit to gradually phasing out or banning imports of Russian oil to progressively reduce dependence on Russian energy," adding, "We will do so in a timely and orderly manner, allowing the world time to secure alternative supplies."

On the evening before Victory Day, the letter 'Z', symbolizing support for the Ukraine war, is being displayed using window lights on the exterior wall of an administrative building in Moscow, the capital of Russia. Moscow (Russia) = AFP·Yonhap News

Notably, this G7 joint statement was issued a day before Russia’s Victory Day. On this Victory Day, Russian President Vladimir Putin is expected to deliver a national address emphasizing the achievements of the invasion of Ukraine and announce the future direction of the war, drawing global attention.

Accordingly, the G7 leaders are interpreted as sending a direct warning message to President Putin by demonstrating Western unity and resolve. Olaf Scholz, Chancellor of Germany, the G7 chair, also emphasized in his national address on the World War II Victory Day, "Putin will not win this war, and Ukraine will endure," adding, "We will support Ukraine humanitarianly, financially, and militarily."

The U.S. government also announced separate additional sanctions. The White House stated that it would add 27 senior executives of Gazprombank, the financial subsidiary of the Russian state-owned gas company Gazprom, 8 executives of Sberbank, Russia’s largest financial institution, and about 10 other entities including the Russian Industrial Bank and its subsidiaries to the sanctions list.

Gazprombank was previously designated by Russia as the bank where European countries must deposit payments for Russian oil imports. While the U.S. government has held off on sanctioning transactions with Gazprombank itself, including senior executives in the sanctions list is seen as supporting European countries’ plans to ban Russian oil imports.

According to The New York Times (NYT), Russia derives about 35% of its total fiscal revenue from oil export payments, so if Western countries jointly impose a ban on Russian oil, it is expected to cause not only economic damage but also significant difficulties in securing war funding.

Additionally, the White House announced new sanctions on Russian state broadcasters such as Channel One, Rossiya-1, and NTV, firearms manufacturer Promtekhnologiya, and seven Russian shipping and maritime towing companies. The White House also emphasized that general licenses for exports of special nuclear materials and other items to Russia will be suspended.

On the 8th (local time), Jill Biden, First Lady of the United States (left), who made a surprise visit to Ukraine, presented a bouquet to Olena Zelenska, First Lady of Ukraine. Uzhhorod, Ukraine - Photo by Reuters and Yonhap News Agency

Visits by senior Western officials to Ukraine also continued. On the same day, Jill Biden, wife of U.S. President Joe Biden, made an unannounced visit to Ukraine, demonstrating U.S. support and emphasizing solidarity. According to the Associated Press (AP), Mrs. Biden visited Uzhhorod, a western border town in Ukraine, and met with Olena Zelenska, wife of Ukrainian President Volodymyr Zelenskyy.

Mrs. Biden, who said she visited to commemorate Mother’s Day in the U.S., stressed, "This brutal war must end, and I thought it was important to show that Americans stand in solidarity with the people of Ukraine."

Canadian Prime Minister Justin Trudeau also made a surprise visit to Irpin, near the Ukrainian capital Kyiv. According to The Wall Street Journal (WSJ), the Canadian Prime Minister’s Office stated in a press release that "Prime Minister Trudeau visited Ukraine to meet President Zelenskyy and demonstrate Canada’s steadfast support for the Ukrainian people."

This content was produced with the assistance of AI translation services.