On Friday, finance ministers from the Group of Seven (G7) nations held a call to discuss further sanctions on Russia and possible tariffs on countries they consider “enabling” its war in Ukraine. This discussion came as the U.S. called on its allies to impose tariffs on purchasers of Russian oil.
According to a statement from Canada, which holds the current G7 presidency, the meeting was chaired by Canadian Finance Minister Francois-Philippe Champagne. The goal was to discuss further measures to increase pressure on Russia to end its war against Ukraine.
The ministers agreed to accelerate discussions on using frozen Russian assets to fund Ukraine’s defense. They also discussed a “wide range of possible economic measures to increase pressure on Russia, including further sanctions and trade measures, such as tariffs, on those enabling Russia’s war effort,” the statement said.
In a separate statement following the meeting, U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer said that Bessent told the finance ministers during the call that they should join the U.S. in imposing tariffs on countries that buy oil from Russia.
“Only with a unified effort that cuts off the revenues funding Putin’s war machine at the source will we be able to apply sufficient economic pressure to end the senseless killing,” Bessent and Greer said.
According to the joint statement, Bessent and Greer welcomed the commitments made during the call to increase sanctions pressure and explore using immobilized Russian sovereign assets for Ukraine’s defense.
Earlier in the day, a U.S. Treasury spokesperson called on G7 and European Union allies to impose “meaningful tariffs” on goods from China and India to pressure them to halt their purchases of Russian oil.
President Donald Trump has already imposed an extra 25% tariff on imports from India to pressure New Delhi to halt its purchases of discounted Russian crude oil, bringing the total punitive duties on Indian goods to 50% and straining trade negotiations between the two democracies.
However, Trump has refrained from imposing additional tariffs on Chinese imports over China’s purchases of Russian oil, as his administration navigates a delicate trade truce with Beijing.
Bessent is scheduled to travel to Madrid on Friday for another round of talks with his Chinese counterpart, Vice Premier He Lifeng. The discussions will cover trade issues, Washington’s demands for Chinese-owned TikTok to sell its U.S. operations, and anti-money laundering issues.
Earlier on Friday, in a Fox News interview, Trump said that his patience with Russian President Vladimir Putin was running out, but he stopped short of threatening new sanctions.
Trump expressed frustration with Putin’s failure to end the war. He mentioned that sanctions on banks and oil were an option to increase pressure on Russia but added that European countries also needed to participate.
“We’re going to have to come down very, very strong,” Trump said.
