Ukrainian President Volodymyr Zelenskyy has welcomed the West’s planned new energy sanctions against Russian oil as a show of support for his war-torn country. “The time for the sanctions is long overdue,” said the head of state in a video distributed in Kyiv on Friday. “The sanctions will not only limit the flow of petrodollars and gas euros to Moscow, but also restore justice to all Europeans, who are being blackmailed by Russia with an artificially created price crisis on the energy market.”
The group of seven leaders Industrialized nations G7including Germany and France, as economically strong democracies, want to ensure that that Russia earns less from its oil. This is intended to dry up a source of funding for the war against Ukraine. The goal is an international price cap on imports of Russian oil. In a joint statement on Friday, G7 finance ministers urged all oil-importing countries to join the move. Russia continues to make big money from the “black gold” sold to India, despite a US embargo on its oil.
The price cap will help protect civilian states and energy markets from Russian aggression in the energy sector, Zelenskyy said. “In fact, the price of Russian gas must also be capped.” He was grateful to EU Commission President Ursula von der Leyen for this proposal, said the head of state in Kyiv. Ukraine needs the support of Europe and the societies in the EU countries. “We keep reminding that helping Ukraine means protecting the whole of Europe, the whole democratic world,” said Zelenskyy.