The United States has intensified its push for broader international pressure on Russia, urging its allies in the Group of Seven (G7) to slap tariffs on countries that continue purchasing Russian oil a move specifically targeting China and India.
According to a report by Reuters on Saturday, the call for action was made during a virtual meeting of G7 finance ministers on Friday, where they explored new strategies to tighten economic pressure on Moscow over its ongoing invasion of Ukraine. The session was chaired by Canadian Finance Minister François-Philippe Champagne, as Canada currently holds the rotating G7 presidency.
A statement released after the meeting revealed that ministers agreed to fast-track discussions on how to redirect frozen Russian assets to bolster Ukraine’s defense. The group also weighed a variety of potential economic tools, including additional sanctions and new tariffs aimed at states seen as facilitating Russia’s war effort.
U.S. Treasury Secretary Scott Bessent took the opportunity during the call to urge allied nations to join Washington in imposing trade penalties on countries still buying Russian oil. Bessent, alongside U.S. Trade Representative Jamieson Greer, later emphasized in a joint statement that a coordinated approach is essential.
“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,” the statement said.
Earlier in the day, a spokesperson from the U.S. Treasury called on both G7 and European Union partners to impose “meaningful tariffs” on imports from China and India two of the largest buyers of discounted Russian crude since the start of the war.
President Donald Trump has already taken action against India, ordering an additional 25% tariff on Indian imports, effectively doubling the total duties on some goods to 50%. This decision has stalled ongoing trade talks between Washington and New Delhi, straining the relationship between the two democracies.
However, Trump has held off on escalating tariffs on Chinese imports, as the administration continues to manage a fragile trade détente with Beijing.
Treasury Secretary Bessent is scheduled to travel to Madrid on Friday for a new round of negotiations with Chinese Vice Premier He Lifeng. The discussions are expected to cover key trade issues, concerns over Chinese-owned TikTok’s U.S. operations, and anti-money laundering efforts.
Meanwhile, President Trump, speaking in a Fox News interview earlier on Friday, signaled growing impatience with Russian President Vladimir Putin. While stopping short of announcing fresh sanctions, Trump hinted that tougher measures targeting Russian banks and oil revenues could be on the table if the war drags on.
“We’re going to have to come down very, very strong,” Trump said, while also calling on European countries to step up their pressure on Moscow.
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