Global energy security and options for tightening sanctions on Russian oil and gas will be key topics as Italy’s prime minister visits the White House May 10 and ahead of US President Joe Biden’s trip to Japan and South Korea later this month. G7 leaders agreed May 8 to phase out imports of Russian energy, including oil, while ensuring “stable and sustainable global energy supplies and affordable prices for consumers." The US, Canada, and the UK have already committed to ending Russian oil imports, and the issue is under heated debate among EU members, with Hungary a lone holdout. Europe imported about 2.7 million b/d of Russian crude oil and another 1.5 million b/d Russian products, mostly diesel, before the Feb. 24 invasion of Ukraine. Japan’s willingness to sign onto the G7 promise to phase out Russian energy was seen as new, although Prime Minister Fumio Kishida said the process would take time to minimize the price impact.
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