The Magazine for Asian Investors
Energy ministers from the world’s seven leading industrialized nations (G7) met online on March 10 and agreed on measures to reduce long-term dependence on Russian oil and gas. Global energy supplies are at stake, as many countries are dependent on Russian energy products and the sanctions imposed on Russia could hamper them.
Japanese Industry Minister Koichi Hagiuda said the G7 had agreed to increase the diversity of energy sources. This includes moving toward nuclear energy and renewables.
“The situations vary from country to country and it will be tough to change the direction immediately, but we agreed that we should aim to lower our reliance on Russia in the future,”Hagiuda said.
Ukrainian Energy Minister Yerman Kalushchenko was also present at the meeting and asked the G7 and its allies to support Ukraine.
The meeting comes amid rising global oil prices after the United States banned imports of Russian crude oil, some petroleum products, natural gas and coal as part of sanctions.