G7 finance ministers have pledged to intensify measures against countries and entities increasing purchases of Russian oil since Moscow’s invasion of Ukraine more than three years ago.
In a joint statement issued after a virtual meeting on Wednesday, ministers from Britain, Canada, France, Germany, Italy, Japan, and the United States said it was time to “maximise pressure on Russia’s oil exports,” which remain a critical source of revenue for the Kremlin’s war efforts.
The group confirmed plans to target buyers increasing imports of Russian crude, as well as those facilitating circumvention of existing sanctions. They also underscored the role of trade restrictions, tariffs, and import bans as tools to cut off Moscow’s financing streams.
The ministers said they are giving “serious consideration” to additional measures on countries and companies involved in refining or reselling Russian oil products. This approach could expand the sanctions regime to capture indirect channels still funnelling resources to Russia.
The latest declaration follows signals from Washington last month that the United States was prepared to broaden tariffs on Russian oil buyers if the European Union adopted similar steps. Former U.S. President Donald Trump had floated tariffs as high as 50 to 100 percent on major buyers such as China and India, according to officials familiar with discussions.
Meanwhile, the European Commission in September confirmed that it was studying options for imposing tariffs on Russian oil imports into the bloc, amid growing U.S. pressure for Europe to reduce reliance on Moscow’s energy supplies.
The G7 finance chiefs are expected to reconvene during the upcoming annual meetings of the International Monetary Fund and World Bank in Washington, where further action on Russian energy exports will be high on the agenda.
