The US has called on G7 and European Union allies to impose tariffs on countries purchasing Russian oil. Officials said the move aims to cut revenue funding Russia’s ongoing war in Ukraine.
G7 finance ministers held a conference call on Friday, chaired by Canadian Finance Minister Francois-Philippe Champagne. They discussed additional sanctions on Russia and potential trade measures targeting nations that are “enabling” Moscow’s military operations.
During the meeting, US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer emphasized the need for unified action. They said tariffs on Russian oil purchasers would strengthen economic pressure on Russia and support Ukraine’s defense.
The ministers also explored using frozen Russian assets to aid Ukraine. Officials discussed a broad set of economic measures, including sanctions and trade restrictions, to limit countries indirectly supporting Russia’s war efforts.
Earlier, a US Treasury spokesperson stressed the importance of “meaningful tariffs” on imports from China and India to stop them from buying discounted Russian crude. President Donald Trump has already imposed an additional 25% tariff on certain Indian imports, raising total punitive duties to 50%. This has complicated trade negotiations between the two countries.
The US has not imposed new tariffs on Chinese goods yet, due to ongoing trade discussions with Beijing. Bessent is expected to meet Chinese Vice Premier He Lifeng in Madrid to discuss trade issues, TikTok’s US operations, and anti-money laundering regulations.
Trump expressed frustration over Russian President Vladimir Putin’s failure to halt the war. He said the US might increase sanctions on Russian banks and oil but emphasized that European allies must participate in the effort.
The US administration said coordinated action with allies is crucial to apply sufficient economic pressure on Russia. Officials stressed that tariffs and sanctions remain key tools to cut off funding for Moscow’s military campaign.
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