President and the western allies released a set of sweeping new sanctions on Sunday that target Russian media and bank executives, the latest financial crackdown to come in the wake of Vladimir 's invasion of the Ukraine and one day ahead of the Russian president's 'Victory Day' holiday. The announcement came after Ukrainian President Volodymyr joined Biden and leaders in a virtual meeting.During that meeting, G7 leaders agreed to follow the U.S. example and commit to phasing out or banning the import of Russian oil, the White House announced. The move will massively damage Putin's ability to fund his war as energy is a main source of state revenue for Russia.
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