G7 Meeting Focuses on Sanctions, US Pushes for Tariffs on India and China Over Russian Oil

The Group of Seven (G7) finance ministers met to discuss new actions against nations that continue to purchase Russian crude oil, thereby supporting Russia’s war in Ukraine. According to the Canadian Finance Minister, fresh sanctions, trade measures, and tariffs could be forthcoming. Chaired by Canadian Finance Minister François-Philippe Champagne, the meeting addressed recent Russian actions, including air strikes in Ukraine and the violation of Polish airspace. The G7 is united in its efforts to increase pressure on Moscow and secure Ukraine’s long-term security and economic recovery. A key area of focus is tightening restrictions on Russia’s oil revenues. Following moves by Canada, the European Union, and the United Kingdom to lower the oil price cap, ministers are examining broader sanctions and potential new tariffs targeting purchasers of discounted Russian oil. The U.S. Treasury called on G7 partners to impose EU-like tariffs on India and China, as the U.S. seeks to curtail the revenues funding the Russian war effort.