G7 commits to phase out its dependency on Russian energy sources

G7 commits to phase out its dependency on Russian energy sources

The Group of Seven has committed to gradually put an end to its dependence from imports of Russian energy source, according to a G7 statement released on Sunday after a virtual meeting of the G7 leaders with Ukrainian President Vladimir Zelensky.

"First, 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, and in ways that provide time for the world to secure alternative supplies," it reads.

"We will work together and with our 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 document says.

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