G7 Weighs Sanctions on Countries Buying Russian Oil, US Targets India and China with Tariffs

Finance Ministers from the G7 nations gathered to deliberate on fresh actions against countries that are continuing to purchase Russian crude oil, thus enabling Russia’s war in Ukraine. The Canadian Finance Minister indicated that new sanctions, trade actions, and tariffs are being considered. The discussions, led by Canadian Finance Minister François-Philippe Champagne, followed recent events, including Russian air strikes in Ukraine and a violation of Polish airspace. The G7 is focused on escalating pressure on Moscow while ensuring Ukraine’s long-term security and economic recovery. A key area of focus is curtailing Russia’s oil revenues. Following efforts by Canada, the European Union, and the United Kingdom to lower the oil price cap, ministers are also considering broader sanctions and potential new tariffs targeting buyers of discounted Russian oil. The U.S. Treasury urged G7 partners to consider imposing EU-like tariffs on India and China. Furthermore, former President Donald Trump has already imposed higher tariffs on India.