G7 Plans Sanctions on Countries Increasing Russian Oil Purchases

The Group of Seven (G7) finance ministers, including the United States, pledged to intensify sanctions targeting countries that continue to increase their purchases of Russian oil in support of Moscow's war in Ukraine. They agreed on the importance of trade measures such as tariffs and import/export bans to cut off Russia's revenue streams, with a focus on nations and entities facilitating sanction evasion. President Donald Trump has advocated for tariffs as high as 50 to 100 percent on major Russian oil buyers like China and India, and the European Commission is also considering imposing tariffs on Russian oil imports. The G7's coordinated efforts aim to pressure Russia economically and reduce its ability to finance ongoing hostilities, reflecting a unified international stance against Russia's actions in Ukraine. Further discussions are planned during upcoming international financial meetings to strengthen these measures.