The G7 finance ministers, met virtually on October 1, and agreed to take joint steps to increase pressure on Russia to end its war against Ukraine.
The finance ministers of the Group of Seven (G7) countries pledged to take measures against states that continue to increase purchases of Russian oil.
The member states said they were “giving serious consideration” to trade measures, such as tariffs and other measures on countries that help finance Moscow’s war by purchasing Russian oil.
“We agreed on the importance of trade measures, including tariffs and import/export bans, in our efforts to cut off Russian revenues,” the statement read.
The G7 ministers added they had agreed to “maximize pressure” on Russia’s oil exports, a major source of their revenue. “We will target those who are continuing to increase their purchase of Russian oil since the invasion of Ukraine and those that are facilitating circumvention,” they said.
The countries are also giving “serious consideration to trade measures and other restrictions on countries and entities that are helping finance Russia’s war efforts, including on refined products sourced from Russian oil.”
The statement came after the US president Donald Trump wrote in a post on his social media platform Truth Social on September 13 that he is ready to do major sanctions on Russia “when all NATO nations have agreed, and started, to do the same thing, and when all NATO nations stop buying oil from Russia.”
He suggested that he’d consider additional measures against Russia but buying oil from Russia weakens the negotiating position.
Canadian minister of finance and national revenue François-Philippe Champagne chaired the meeting during which G7 finance ministers agreed to bolster coordinated measures to increase pressure on Russia to end its war and support Ukraine in its ongoing efforts to defend itself, according to a statement from the government of Canada.
Russian foreign ministry spokeswoman Maria Zakharova responded during her briefing on September 18 to President Trump’s comments that he is ready to tighten measures against Russia but insisted that the bloc continues to purchase Russian oil.
“I can add that Washington and Brussels regularly threaten with sanctions. As for calls by the United States and President Donald Trump urging Western Europe to stop purchasing Russian oil, it is obvious that he is acting in the interests of his own country. He will therefore seize every opportunity to push back competitors in this economic race,” Zakharova said.
She added that: “Russia remains an important player in the global energy market. Stable and reliable supplies of Russian energy resources enable countries to achieve sustainable economic growth, address social tasks, and combat energy poverty.”
