Global: G-7 Agrees to Phase Out Russian Oil, U.S. Announces New Sanctions

The leaders of Group of Seven countries (Canada, France, Germany, Italy, Japan, the United Kingdom and the United States) issued a joint statement saying they agreed to ban or phase out Russian oil imports in a ''timely and orderly fashion'' and ''in ways that provide time for the world to secure alternative supplies,'' after holding a virtual meeting with Ukrainian President Volodymyr Zelensky, Reuters reported May 8....