Fresh sanctions, as well as trade measures and tariffs, might be in order as Finance Ministers from the Group of Seven (G7) nations met on Friday to consider new actions against countries enabling Russia’s war in Ukraine, by purchasing its crude oil supplies the Canadian Finance Minister stated.
The talks, chaired by Canadian Finance Minister François-Philippe Champagne, followed a barrage of Russian air strikes in Ukraine and the violation of Polish airspace by Russian drones earlier this week. With Canada holding the G7 presidency, the Discourses held stressed that allies remain united in ramping up pressure on Moscow while ensuring Ukraine’s long-term security and economic recovery.
One of the most evident options on the table is tightening the squeeze on Russia’s oil revenues. Following recent moves by Canada, the European Union, and the United Kingdom to lower the oil price cap on Russian crude from US$60 to $47.60 a barrel, ministers are also considering broader sanctions and potential new tariffs targeting buyers of discounted Russian oil.
U.S. Treasury Calls on G7 to Impose EU-Like Tariffs on India and China
U.S. Treasury Secretary Scott Bessent further urged G7 partners to take note of Washington’s tariff actions.
“Only with a unified effort that cuts off the revenues funding Putin’s war machine at the source will we be able to apply sufficient economic pressure to end the senseless killing,” he stated.
Commitments were also made to increase sanctions pressure and to channel immobilized Russian sovereign assets toward Ukraine’s defense.
Trump Raises Tariffs on India Over Russian Oil Purchases
Former President Donald Trump has already raised tariffs on Indian imports by another 25%, bringing total punitive duties to 50%, in an attempt to pressure the Indian government to reduce its purchase of discounted Russian oil. The move has further complicated bilateral talks between the two WTO nations.
While India has now been placed under a strict tariff regime, the U.S. administration has notably refrained from raising tariffs on Chinese imports, in an effort to preserve the fragile trade truce with Beijing.
Bessent’s Upcoming Trip to Madrid
Scott Bessent is set to travel to Madrid on Friday for talks with Chinese Vice Premier He Lifeng, where they’ll discuss trade relations, TikTok’s U.S. operations, and broader financial issues.
Trump on India and Russia
Meanwhile, former President Donald Trump admitted that imposing tariffs on India over its Russian oil purchases has led to tensions between the two countries. In a recent interview, Trump also voiced his frustration with Moscow over the ongoing war.
“We’re going to have to come down very, very strong,” he said, leaving open the possibility of broader sanctions on banks and oil.
Also Read: Sushila Karki net worth: How rich is Nepal’s interim prime minister?
