The Group of Seven (G7) nations has pledged to end imports of Russian oil as part of a broader acceleration of Western sanctions intended to debilitate the Kremlin’s ability to finance its invasion of Ukraine.

gas exports graph

“We commit to phase out our dependency on Russian energy, including by phasing out or banning the import of Russian oil,” the G7 countries said in a joint statement Sunday after meeting virtually with Ukraine President Volodymyr Zelensky. “We will ensure that we do so in a timely and orderly fashion, and in ways that provide time for the world to secure alternative supplies.”

The G7 countries include Canada, France, Germany, Italy, Japan, the UK and the United States – spanning several of the world’s largest economies. The Biden administration already banned...