G7 leaders promise to cut reliance on Russian energy further: joint statement

The leaders of the G7 nations promised March 11 to continue to cut their reliance on Russian energy, "while ensuring that we do so in an orderly fashion and in ways that provide time for the world to secure alternative and sustainable supplies," according to a joint statement released by the White House.

The leaders -- representing the US, UK, Canada, France, Germany, Italy and Japan -- said they "remain resolved to isolate Russia further from our economies and the international financial system."

They each agreed to deny Russia "most-favored nation" status relating to key products, which will revoke benefits of Russia's membership in the World Trade Organization.

The leaders said they were working collectively to prevent Russia from obtaining financing from leading multilateral financial institutions including the International Monetary Fund, World Bank and European Bank for Reconstruction and Development.

G7 energy ministers met March 10 for an extraordinary ministerial meeting hosted by Germany, where they discussed the state of energy markets and the means to ensure stable energy supply amid Russia's invasion of Ukraine.

They called on OPEC to "play a key role" in boosting oil supplies to international markets where production is not meeting full capacity.

While welcoming the IEA's release of 61.7 million barrels of oil from its coordinated action, the G7 energy ministers said the group stands ready to take additional action as the situation requires.