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G7 warning, measures for Russian oil buyers

2025-10-02 08:50:00, Kosova & Bota CNA

G7 warning, measures for Russian oil buyers

G7 finance ministers have decided to take joint steps to increase pressure on Russia by targeting buyers of Russian oil.

G7 finance ministers also said they agreed on the importance of trade measures, including tariffs and import and export bans, in efforts to reduce Russian revenues due to Moscow's invasion of Ukraine. The joint statement followed a virtual finance minister meeting.

WHY IS IT IMPORTANT?

Washington has called for, and opened a new tab on, its allies to impose tariffs on Russian oil buyers like India and China. While Trump has refrained from imposing additional tariffs on Chinese imports because of China's purchases of Russian oil, his administration has targeted New Delhi with additional tariffs on imports from India.

"We will target buyers of Russian oil since the invasion of Ukraine," the G7 statement said, among other things.

"We will take concrete measures to significantly reduce, with the objective of phasing out, our remaining imports from Russia, including hydrocarbon imports," she added.

G7 foreign ministers also said they were considering trade measures and other restrictions on countries that help fund Russia's war effort./ CNA





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