INSUBCONTINENT EXCLUSIVE:
The entire G7 club of rich nations is "committed to phasing out or banning the import of Russian oil," the White House said Sunday,
escalating pressure on President Vladimir Putin over the invasion of Ukraine."This will hit hard at the main artery of Putin's economy and
deny him the revenue he needs to fund his war," the Biden administration said in a statement, without specifying exactly what commitments
the G7 members -- France, Germany, Canada, Italy, Japan, Britain and the U.S
when it comes to Russian oil and gas.The United States, which was not a major consumer of Russian hydrocarbons, has already banned their
import.But Europe is far more reliant on Russian oil
The European Union has already said it is aiming to cut its reliance on Russian gas by two-thirds this year, though Germany has opposed
calls for a full boycott, with member states continuing intense negotiations Sunday.The G7 held its third meeting of the year on Sunday via
Sunday, focusing on two major areas: the media, and access by Russian companies and wealthy individuals to world-leading U.S
accounting and consulting services.The US will sanction Joint Stock Company Channel One Russia, Television Station Russia-1, and Joint Stock
Company NTV Broadcasting Company
company will be prohibited from financing them through advertising or selling them equipment."US companies should not be in the business of
funding Russian propaganda," said a senior White House official who requested anonymity, stressing that these media were directly or
indirectly controlled by the Kremlin.Another line of attack by Washington: banning the provision of "accounting, trust and corporate
formation, and management consulting services to any person in the Russian Federation," according to the White House.Those services are used
official stressed that while the Europeans had the closest industrial links with Russia, the United States and the United Kingdom dominated
the world of accounting and consulting, notably through the "Big Four" -- the four global audit and consulting giants Deloitte, EY, KPMG and
PwC.Washington has also announced new bans on the export of American products to Russia, covering a range of capital goods from bulldozers
Belarusian officials, as well as sanctions against officials of Sberbank and Gazprombank.
