News Forum - G7 countries commit to phasing out imports of Russian oil

[Thaiger]

In a virtual meeting yesterday, the Group of Seven nations gave an undertaking to phase out imports of Russian oil. It’s the latest move aimed at punishing Vladimir Putin for his invasion of Ukraine, with the US also unveiling sanctions against executives at Gazprombank and a number of other businesses. According to a Reuters report, the Ukrainian President, Volodymyr Zelenskiy, joined the video conference call, after which G7 leaders issued a joint statement. “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 […]

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[Pinetree]

So restrict Russian oil while OPEC keep to their quotas; so the price of oil rises and the criminal Putin sells his oil outside the G7 at a higher price.  Umm, not sure about the logic of that .

[EdwardV]

2 minutes ago, Pinetree said:

the criminal Putin sells his oil outside the G7 at a higher price. 

He’s not going to be selling much oil outside the G7. The only question is who get to shut Russian oil down first. The upcoming EU sanctions against transport and insurance, or the lack of demand causing the well fields to get turned off. Either way, Russia isn’t going to be selling much oil to anyone in another month. 

[Johntucker]

3 hours ago, Pinetree said:

So restrict Russian oil while OPEC keep to their quotas; so the price of oil rises and the criminal Putin sells his oil outside the G7 at a higher price.  Umm, not sure about the logic of that .

Google "india discounted oil russia" and you will understand.

[HolyCowCm]

Russia will be just fine with other takers of their oil. Not eveyone will turn their backs on it. China is another one besides India who will take it. Find other ways to be reliant on Russia and China is what the world needs to do, but easier said than done. 

[23RD]

So in other words everyone will pay more because Joe Biden is so weak. 

[Poolie]

46 minutes ago, 23RD said:

So in other words everyone will pay more because Joe Biden is so weak. 

Well, not everyone but I get what you're saying.