Finance ministers from the Group of Seven (G7) advanced economies have pledged to tighten pressure on Russia by targeting countries and entities that have expanded purchases of Russian oil since Moscow’s invasion of Ukraine more than three years ago.
Following a virtual meeting, officials from Britain, Canada, France, Germany, Italy, Japan, and the United States issued a joint statement declaring it was time to “maximize pressure on Russia’s oil exports” in order to curb the Kremlin’s ability to fund its war.
“We will target those continuing to increase their purchase of Russian oil since the invasion of Ukraine, as well as those facilitating circumvention,” the ministers said.
The statement underscored that the G7 is considering trade measures such as tariffs, import bans, and export restrictions, particularly against refined products derived from Russian oil.
The ministers also stressed the need to clamp down on third countries and middlemen helping Moscow sustain energy revenues despite existing sanctions.
The move comes amid growing debate in Washington and Brussels over tougher action. Last month, the United States signaled readiness to broaden tariffs on Russian oil buyers if the European Union took similar steps.
U.S. President Donald Trump, who reportedly participated in discussions with EU officials, floated the idea of imposing tariffs of 50% to 100% on major importers such as China and India.
In September, the European Commission confirmed it was examining possible tariffs on Russian oil imports, under mounting pressure from Washington.
Trump has demanded Europe fully cut energy ties with Moscow before advancing new sanctions.
The G7 finance ministers are expected to revisit the issue during the IMF and World Bank annual meetings in Washington later this month, where further details of the plan could emerge.
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