G7 Finance Ministers vow action to pressure Russia, targeting oil purchasers

G7 Nations Say They Will Target Those Increase Their Russian Oil Purchases

The Group of Seven nations' finance ministers said on Wednesday they will take joint steps to increase pressure on Russia by targeting those who are continuing to increase their purchases of Russian oil and those who are facilitating circumvention.

The G7 finance ministers also said they agreed on the importance of trade measures, including tariffs and import and export bans, in efforts to cut off Russian revenues due to Moscow's invasion of Ukraine. The joint statement followed a virtual meeting of the finance minister.

WHY IT'S IMPORTANT

Washington has called on its allies to impose tariffs on purchasers of Russian oil like India and China. While Trump has refrained from imposing additional tariffs on Chinese imports over China's purchases of Russian oil, his administration has targeted New Delhi with extra tariffs on imports from India.

The G7 statement on Wednesday did not name India or China.

KEY QUOTES

"We will target those who are continuing to increase their purchase of Russian oil since the invasion of Ukraine and those that are facilitating circumvention," G7's statement said.

"We will take concrete measures to significantly reduce, with the objective of phasing out, our remaining imports from Russia, including on hydrocarbon imports," it added.

The G7 foreign ministers also said they were "giving serious consideration" to trade measures and other restrictions on countries helping finance Russia's war efforts. No country was identified in the statement.

CONTEXT

Russia's full-scale invasion of Ukraine began in February 2022. Moscow annexed Crimea in 2014.

Russia has faced heavy sanctions from Western powers who have been considering ways to restrict financing for its war efforts