DBO - G7 unity: Japan agrees to gradually phase out imports of Russian oil

The last of the G7 nations has committed to gradually phase out imports of Russian oil as Japan ramps up the pressure on President Vladimir Putin. Up until now, the resource-poor country had been reluctant to prohibit the imports, though the "unity of the G7" now outweighs the "very difficult decision." Oil futures didn't react much to the news, even falling 2.2% to $107.36/bbl, given that the world's third-largest economy only imported 3.6% of its crude from Russia in 2021. More sanctions: The show of solidarity saw the U.S. unveil even more penalties against Russia, including sanctioning 27 executives from Gazprombank, a bank facilitating business for Russian energy giant Gazprom (OTCPK:GZPFY). It also announced sanctions against three highly viewed Russian television stations, imposed some 2,600 visa restrictions on Russian and Belarusian officials, and prohibited Americans from providing accounting and management consulting services to any person in Russia. Effectiveness: "This is not a

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G7 unity: Japan agrees to gradually phase out imports of Russian oil