This weekend, at a virtual meeting, G7 members pledged to cut their purchases of Russian oil.According to an AFP report, the US, France, Canada, Germany, Italy, Japan and the UK committed to stop buying Russian oil, but did not specify how or when this would happen.Some G7 members, such as the UK, the US and Canada, have already imposed a ban on Russian oil imports. However, they are very small importers of Russian oil, so the bans have had little impact on Russia's revenues from its hydrocarbon industry, which the G7 is trying to strangle with sanctions.The case of Japan is quite different. This was evidenced by last week's statement by Economy, Trade and Industry Minister Koichi Hagiuda, who said that Japan would find it difficult to cut oil imports from Russia.After the G7 meeting last weekend, Japanese Prime Minister Fumio Kishida said the country would ban Russian oil imports. He added that it was very difficult for a country that is very dependent on energy imports to make such a decision. However, coordination with the G7 is most important.Oil prices continue to hold above $100:
Major European energy importers are also preparing to phase out purchases of Russian oil.Germany has announced that it has significantly reduced its imports of Russian oil and has dropped its objection to an EU-wide oil embargo, to be implemented in stages over a period of six to eight months.Three Central European EU members have agreed exemptions and longer deadlines to reduce their dependence on Russian oil. Bulgaria has threatened to veto the embargo unless it also gets an exception.The news of the embargo was the final reason for the rise in oil prices.
