G7 Nations Consider Sanctions and Tariffs Targeting Russian Oil Purchasers

Finance Ministers from the Group of Seven (G7) nations convened to discuss potential new actions against countries that are facilitating Russia’s war in Ukraine by purchasing its crude oil. The Canadian Finance Minister indicated that fresh sanctions, trade measures, and tariffs might be implemented. The discussions, chaired by Canadian Finance Minister François-Philippe Champagne, followed recent Russian air strikes in Ukraine and the violation of Polish airspace. The G7 is committed to increasing pressure on Moscow while ensuring Ukraine’s long-term security and economic recovery. One key focus is tightening the squeeze on Russia’s oil revenues, with ministers considering broader sanctions and new tariffs targeting buyers of discounted Russian oil. The U.S. Treasury urged G7 partners to consider imposing EU-like tariffs on India and China.