Steve Holland, Jeff Mason

WILMINGTON, Del. (Reuters] -Wilmington, Delaware – The Group of Seven (G7) states committed to Sunday’s ban on or gradual elimination of Russian oil imports. Meanwhile, the United States announced sanctions against Gazprombank officials and other entities to punish Moscow in its war against Ukraine.

This latest move is the West’s attempt to pressure Vladimir Putin, Russian President, for Ukraine’s invasion and subsequent deadly aftermath.

G7 leaders and President Joe Biden met with President Volodymyr Zeleskiy on a video call to discuss war in Ukraine, support for Ukraine, as well as additional steps against Moscow.

We have committed to reducing our dependence on Russian energy and will also ban or reduce the import of Russian oil. In a joint statement, G7 leaders stated that they will make sure it happens in an orderly and timely manner. To ensure that consumers have access to affordable energy and stable global supply, we will collaborate with our partners.

Meanwhile, the United States placed sanctions on three Russian television stations. They banned Americans providing consulting and accounting services to Russians and put in place around 2,600 visa restrictions for Russian and Belarusian officials.

Gazprombank’s executives faced the most severe sanctions, as America and its allies have resisted any attempts to disrupt gas supply to Europe. Russia is Russia’s biggest customer.

The sanctioned Gazprombank executives include Alexy Miller and Andrey Akimov, according to a statement from the U.S. Treasury Department https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20220508.

This isn’t a complete block. A senior Biden administration official said that they are not enforcing Gazprombank’s assets or prohibiting transactions with Gazprombank. To signal that Gazprombank was not safe haven, the Biden administration sanctioned some top Gazprombank executives to create a chilling effect.

Biden, who has applauded the unity of Western leaders in resisting Russian President Vladimir Putin’s rule, met with Biden via videoconference from Delaware where he was spending the weekend.

It takes place before Russia’s Victory Day celebrations, which are scheduled for Monday. Putin describes the invading force as a “special military operations” that was intended to dearm Ukraine and eliminate anti-Russian nationalism, which has been fomented by Washington. Russia, Ukraine, and allies claim that Russia initiated an unprovoked military conflict.

In an effort to limit the influence of the Russian war machine, Europe and the United States have put severe sanctions against Russia.

Sberbank holds one third of Russia’s bank assets and eight Sberbank executives were recently added to the U.S. Sanctions List. Moscow Industrial Bank was also added along with its 10 subsidiary banks.

“Together, these actions represent a continuation to the systematic and methodical eradication of Russia from global financial and economic systems. “If Putin continues to invade Russia’s economy, there won’t be any safe haven,” said the official.

New export controls were implemented to degrade Putin’s war effort. This included restrictions on bulldozers and other heavy machinery, as well motors and fans. According to the official, additional control is being implemented by the European Union on chemical substances that directly feed into Russia’s military efforts.

Promtekhnologiya Limited Liability Company, which is a weapon maker, was also sanctioned along with seven shipping firms and a marine-towing company. According to the White House, licenses for special nuclear material exports would be suspended by Nuclear Regulatory Commission.

The White House stated that the sanctioned stations include Joint Stock Company Channel One Russia (TV Station Russia-1), and Joint Stock Company NTV Broadcasting Company.

Despite the fact that legal services are still permitted, Americans won’t be allowed to provide accounting, trust, corporate formation and management consulting services for Russians.