G7 Urged to Impose Oil Tariffs on Russia Buyers
The US has called upon G7 countries for unified tariffs on nations purchasing Russian oil, aiming to undercut funding for Moscow's war efforts. This proposal seeks to heighten pressure on Russia to cease its military actions in Ukraine. Tensions have surfaced, especially with India, due to increased tariffs.
The United States has urged G7 nations to adopt tariffs on countries purchasing oil from Russia, stressing the necessity of a unified front to disrupt the financial support fueling Moscow's war efforts. Treasury Secretary Scott Bessent and Trade Representative Ambassador Jamieson Greer communicated this strategy to G7 Finance Ministers on Friday.
Chaired by Canada's Minister of Finance, François-Philippe Champagne, the meeting focused on increasing economic pressure on Russia to halt its aggression against Ukraine. G7 comprises industrialized nations like the U.S., Canada, and Germany, with Canada holding the rotating presidency this year.
The U.S. has doubled tariffs on Indian goods in response to India's continued purchase of Russian oil, complicating bilateral trade relations. Meanwhile, G7 Ministers are considering additional measures, such as tapping immobilized Russian assets, to support Ukraine's defense and ensure its long-term security.
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