G7 nations vow to target those boosting Russian oil purchases
Reuters
The finance ministers of the Group of Seven nations announced on Wednesday that they will take coordinated action to increase pressure on Russia, targeting those continuing to buy Russian oil and those facilitating its 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, News.Az reports citing Reuters.
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.
"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.
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