G7 Finance Ministers Weigh Tougher Sanctions on Russia

Finance ministers from the Group of Seven (G7) nations met virtually on Friday to consider fresh measures against Russia over its ongoing war in Ukraine.

The meeting, led by Canadian Finance Minister Francois-Philippe Champagne, focused on three main issues:

• Tougher sanctions on Moscow
• Using frozen Russian assets to support Ukraine
• Possible tariffs on countries accused of enabling Russia’s war effort

Push for Tariffs on Russian Oil Buyers

U.S. Treasury Secretary Scott Bessent called on G7 partners to impose tariffs on nations that continue buying Russian crude. He said only a united global effort could block the revenue funding Russia’s military campaign.

“Ending the war requires cutting resources at the source. A unified front is essential to apply real economic pressure on the Kremlin,” Bessent said in a joint statement with U.S. Trade Representative Jamieson Greer.

Frozen Assets and Wider Sanctions

Officials agreed to speed up talks on using frozen Russian sovereign assets to help fund Ukraine’s defense. They also reviewed additional trade restrictions and sanctions as part of wider economic pressure on Moscow.

Earlier, a U.S. Treasury spokesperson urged G7 and EU allies to place “meaningful tariffs” on goods from countries such as China and India that continue buying Russian oil.

U.S. Tariffs on India, Caution With China

President Donald Trump recently raised tariffs on Indian imports by 25%, doubling duties to 50%. The move aims to push New Delhi to cut purchases of discounted Russian crude, but it has also strained trade talks between both countries.

In contrast, Washington has avoided new tariffs on Chinese goods, preferring to maintain a fragile trade balance with Beijing. U.S. Treasury Secretary Bessent is expected to meet Chinese Vice Premier He Lifeng in Madrid to discuss trade, TikTok’s U.S. operations, and financial transparency.

Trump’s Tougher Tone on Russia

In a recent TV interview, Trump expressed frustration with Russian President Vladimir Putin’s refusal to end the conflict. He suggested that tougher sanctions on banks and oil could be an option but stressed that Europe must also commit.

“We’re going to have to come down very strong,” Trump warned, adding that coordinated global action remains the only way to stop the war.

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