Key points
- Tariffs, trade bans under serious consideration
- Trump urges Europe to end Russian imports
- China, India may face high oil tariffs
WASHINGTON: G7 finance ministers pledged to aim at those who are continuing to step up purchases of Russian oil, since Moscow’s invasion of Ukraine more than three years ago.
In a statement after a virtual meeting, officials from the Group of Seven advanced economies — Britain, Canada, France, Germany, Italy, Japan and the United States — agreed that it is time to “maximize pressure on Russia’s oil exports,” reports AFP.
G7 countries are seriously considering increasing pressure on countries that are boosting their purchases of Russian oil and helping Moscow circumvent sanctions, according to a statement by G7 finance ministers:https://t.co/xm3ZSq1nMy pic.twitter.com/91g1HG3Li6
— TASS (@tassagency_en) October 2, 2025
This would hit at revenue Moscow needs for the war.
“We will target those who are continuing to increase their purchase of Russian oil since the invasion of Ukraine and those who are facilitating circumvention,” the ministers said in a joint statement.
They added that they agreed on “the importance of trade measures, including tariffs” and import or export bans in efforts to cut off Russian revenues.
G7 Finance Ministers: We will use the full $300 Billion in frozen russian assets “to end the war and ensure a just and lasting peace in Ukraine”🍿
russia has threatened a “symmetrical response”, but only holds $48 Billion in foreign assets.
Doesn’t sound very symmetrical to me. pic.twitter.com/krTkGnB3Wp
— Maria Drutska 🇺🇦 (@maria_drutska) October 2, 2025
The countries are also giving “serious consideration to trade measures and other restrictions on countries and entities that are helping finance Russia’s war efforts, including on refined products sourced from Russian oil.”
Targeting buyers of Russian oil
The statement came after the United States indicated last month that it was ready to broaden tariffs targeting buyers of Russian oil if the European Union takes similar moves.
President Donald Trump had raised the possibility of tariffs between 50 per cent and 100 per cent targeting oil buyers like China and India, according to an official.
In September, the European Commission also said that it was working on potentially imposing tariffs on imports of Russian oil into the bloc, in the face of pressure from Trump.
The US leader has demanded that Europe end energy imports from Moscow before agreeing to move forward with sanctions against Russia.
The G7 ministers plan to meet again on the sidelines of the annual meetings of the International Monetary Fund and World Bank in Washington this month.
