G7 Nations Discuss Tighter Sanctions and Rising Tariffs Amidst Ukrainian Conflict

The finance ministers of the Group of Seven nations engaged in a strategic discussion on Friday, focusing on intensifying sanctions against Russia and imposing tariffs on countries perceived as facilitating its ongoing aggression in Ukraine. Chairing the G7 meeting, Canadian Finance Minister Francois-Philippe Champagne emphasized the urgency to enhance measures pressuring Russia to halt its conflict with Ukraine, aligning with official statements from Canada.

The meeting concluded with an agreement to expedite talks regarding the utilization of frozen Russian assets to fund Ukraine's defense. Discussions covered various economic strategies to increase pressure on Russia, including potential sanctions and trade measures targeting those supporting Russia's war efforts. U.S. Treasury Secretary Scott Bessent advocated for tariffs on nations purchasing Russian oil, urging the G7 to join the U.S. in this economic stance.

Furthermore, the U.S. Treasury called for significant tariffs on Chinese and Indian goods to dissuade their continued purchase of Russian oil. While the U.S. imposed tariffs on India, the approach to China remained cautious due to ongoing trade negotiations. Trump, signaling growing impatience with Putin, hinted at strict measures as a pressure tactic, yet stressed the need for European involvement.

(With inputs from agencies.)