• Advertise
  • Contact Us
  • Supplier Directory
  • SCB YouTube
  • About Us
  • Login
  • Subscribe
  • Logout
  • My Profile
  • LOGISTICS
    • Air Cargo
    • All Logistics
    • Facility Location Planning
    • Freight Forwarding/Customs Brokerage
    • Global Gateways
    • Global Logistics
    • Last Mile Delivery
    • Logistics Outsourcing
    • LTL/Truckload Services
    • Ocean Transportation
    • Parcel & Express
    • Rail & Intermodal
    • Reverse Logistics
    • Service Parts Management
    • Transportation & Distribution
  • TECHNOLOGY
    • All Technology
    • Artificial Intelligence
    • Cloud & On-Demand Systems
    • Data Management (Big Data/IoT/Blockchain)
    • ERP & Enterprise Systems
    • Forecasting & Demand Planning
    • Global Trade Management
    • Inventory Planning/ Optimization
    • Product Lifecycle Management
    • Robotics
    • Sales & Operations Planning
    • SC Finance & Revenue Management
    • SC Planning & Optimization
    • Supply Chain Visibility
    • Transportation Management
  • GENERAL SCM
    • Business Strategy Alignment
    • Customer Relationship Management
    • Education & Professional Development
    • Global Supply Chain Management
    • Global Trade & Economics
    • Green Energy
    • HR & Labor Management
    • Quality & Metrics
    • Regulation & Compliance
    • Sourcing/Procurement/SRM
    • SC Security & Risk Mgmt
    • Supply Chains in Crisis
    • Sustainability & Corporate Social Responsibility
  • WAREHOUSING
    • All Warehouse Services
    • Conveyors & Sortation
    • Lift Trucks & AGVs
    • Order Management & Fulfillment
    • Packaging
    • RFID, Barcode, Mobility & Voice
    • Warehouse Automation
    • Warehouse Management Systems
  • INDUSTRIES
    • Aerospace & Defense
    • Apparel
    • Automotive
    • Chemicals & Energy
    • Consumer Packaged Goods
    • E-Commerce/Omni-Channel
    • Food & Beverage
    • Healthcare
    • High-Tech/Electronics
    • Industrial Manufacturing
    • Pharmaceutical/Biotech
    • Retail
  • THINK TANK
  • WEBINARS
    • On-Demand Webinars
    • Upcoming Webinars
    • Webinar Library
  • PODCASTS
  • WHITEPAPERS
  • VIDEOS
Home » G-7 Leaders Commit to Banning Imports of Oil From Russia

G-7 Leaders Commit to Banning Imports of Oil From Russia

gas storage
Pipework inside a gas storage facility in Kasimov, Russia. Photo: Bloomberg.
May 8, 2022
Bloomberg

Leaders of the Group of Seven most industrialized countries pledged to ban the import of Russian oil in response to President Vladimir Putin’s war in Ukraine.

The heads of the leading economies made the commitment after holding a video call with Ukraine President Volodymyr Zelenskiy on Sunday, the eve of Russia’s May 9 Victory Day, which commemorates Russia’s victory over Nazi Germany in World War II. The date has become a touchstone of the Kremlin’s campaign to whip up public support for the invasion. 

Several G-7 countries have already pledged to diversify away from Russian supplies. The U.S. and U.K. have already announced bans on Russian oil imports and Germany, the European Union’s biggest economy, has backed a proposal for the EU to get rid of it by January. The pledge is also the furthest that Japanese Prime Minister Fumio Kishida has gone in committing his country to halting Russian oil purchases.

The leaders will “commit to phase out our dependency on Russian energy, including by phasing out or banning the import of Russian oil,” the G-7 statement says. “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.”

The G-7 leaders also said they would take measures to prohibit or otherwise prevent the provision of key services on which Russia depends. “This will reinforce Russia’s isolation across all sectors of its economy,” according to the statement. 

They are also set to work together with 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 statement includes pledges to continue actions “against Russian banks connected to the global economy and systemically critical to the Russian financial system,” pursue efforts to fight Moscow’s propaganda, and “continue and elevate our campaign against the financial elites and family members” who support Putin.

The meeting comes as the EU struggles to agree on its own ban on Russian oil imports, with Hungary delaying a proposal that would phase out crude oil over the next six months and refined fuels by January. A ban on shipping Russian oil to third countries may also be delayed until G-7 countries commit to similar measures, according to people familiar with the matter.

    RELATED CONTENT

    RELATED VIDEOS

    Global Supply Chain Management Global Trade & Economics Supply Chains in Crisis Chemicals & Energy
    • Related Articles

      Global Leaders Commit to Eradicating Modern Slavery

      U.K. Imports Zero Fuel From Russia for First Time on Record

      Despite Political Tension, March Saw U.S. Imports from Russia Increase

    Bloomberg

    Heat Wave Lowers Rhine Levels, Straining Fuel Supply Chains

    More from this author

    Subscribe to our Daily Newsletter!

    Timely, incisive articles delivered directly to your inbox.

    Featured Product

    Popular Stories

    • A GLEAMING TUNNEL OF LIGHTS CURVES AWAY INTO A HORN

      Gartner: Top 25 Supply Chain Organizations Are Embracing AI

      Global Logistics
    • HANDS TYPE ON A KEYBOARD UNDER A SUPER IMPOSED DIGITIZED MAP OF THE WORLD, ALONG WITH IMAGES OF A SHIP, A SHOPPING CART AND OTHER SYMBOLS OF INTERNATIONAL LOGISTICS

      Five Demand-Forecasting Mistakes Supply Chain Leaders Are Rethinking

      Technology
    • The outside of Oracle Corporation's corporate headquarters located in Silicon Valley. Photo: iStock.com/Sundry Photography

      Oracle Cuts 21,000 Jobs, More to Come From AI

      Technology
    • Aerial Shot of Container Ship Arriving in Port of Los Angeles Before Sunrise

      Imports Up, Exports Down at Port of LA

      Global Gateways
    • UYGHUR COTTON CHINA UAR TRADE BAN iStock-Gujiang xie-1390673465.jpg

      Canada Ditches Supply Chain Human Rights Watchdog

      Global Trade & Economics

    Digital Edition

    2026 esg cover main scb q2 2026 cover

    SupplyChainBrain 2026 ESG Guide: ESG — The Supply Chain’s Biggest Secret

    VIEW THE LATEST ISSUE

    Case Studies

    • Recycled Tagging Fasteners: Small Changes Make a Big Impact

    • A GRAPHIC SHOWING MULTIPLE FORMS OF SHIPPING, WITH A HUMAN STANDING AT THE CENTER, TOUCHING A SYMBOLIC MAP OF THE WORLD

      Enhancing High-Value Electronics Shipment Security with Tive's Real-Time Tracking

    • A GRAPHIC OF INTERLACING HONEYCOMBED ELEMENTS REPRESENTING GLOBAL BUSINESS TRANSACTIONS

      Moving Robots Site-to-Site

    • JLL Finds Perfect Warehouse Location, Leading to $15M Grant for Startup

    • Robots Speed Fulfillment to Help Apparel Company Scale for Growth

    Visit Our Sponsors

    4flow Arkieva Blue Yonder
    Carton Cloud CoEnterprise Dassault
    Duravant E2Open General Logistics Systems
    Hy-Tek iGPS Korber
    Lyngsoe Procurability Quinyx
    SAP Sikick Systech
    S&P Global Mobility TADA TransImpact
    US Bank Werner Enterprises WSI
    • More From SCB
      • Featured Content
      • Video Library
      • Think Tank Blog
      • SupplyChainBrain Podcast
      • Whitepapers
      • On-Demand Webinars
      • Upcoming Webinars
    • Digital Offerings
      • Digital Issue
      • Subscribe
      • Manage Email Preferences
      • Newsletters
    • Resources
      • Events Calendar
      • 2026 Event Coverage
      • SCB's Great Supply Chain Partners
      • Supplier Directory
      • Case Study Showcase
      • Supply Chain Innovation Awards
      • 100 Great Partners Form
    • SCB Corporate
      • Advertise on SCB.COM
      • About Us
      • Privacy Policy
      • Contact Us
      • Data Sharing Opt-Out

    All content copyright ©2026 Keller International Publishing Corp All rights reserved. No reproduction, transmission or display is permitted without the written permissions of Keller International Publishing Corp

    Design, CMS, Hosting & Web Development :: ePublishing