WASHINGTON: G7 finance ministers pledged Wednesday to take aim at those who are continuing to step up purchases of Russian oil, since Moscow’s invasion of Ukraine more than three years ago.
In a statement after a virtual meeting, officials from the Group of Seven advanced economies — Britain, Canada, France, Germany, Italy, Japan and the United States — agreed that it is time to “maximize pressure on Russia’s oil exports.”
This would hit at revenue Moscow needs for the war.
“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,” the ministers said in a joint statement.
They added that they agreed on “the importance of trade measures, including tariffs” and import or export bans in efforts to cut off Russian revenues.
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 United States indicated last month that it was ready to broaden tariffs targeting buyers of Russian oil if the European Union takes similar moves.
President Donald Trump, who dialed in to talks between the United States and EU officials, had raised the possibility of tariffs between 50 percent and 100 percent targeting oil buyers like China and India, according to an official.
In September, the European Commission also said that it was working on potentially imposing tariffs on imports of Russian oil into the bloc, in the face of pressure from Trump.
The US leader has demanded that Europe end energy imports from Moscow before agreeing to move forward with sanctions against Russia.
The G7 ministers plan to meet again on the sidelines of the annual meetings of the International Monetary Fund and World Bank in Washington this month.
G7 ministers to target those increasing Russia oil purchases
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G7 ministers to target those increasing Russia oil purchases
- The US leader has demanded that Europe end energy imports from Moscow before agreeing to move forward with sanctions against Russia
Changes to US security strategy ‘largely consistent’ with Russia’s vision: Kremlin
- Kremlin’s spokesman Dmitry Peskov said that the current US administration was “fundamentally different from the previous ones”
MOSCOW: Russia has welcomed changes in the US National Security Strategy, saying the adjustments that marked a radical departure from Washington’s previous policy were “largely consistent” with Moscow’s vision.
Washington’s new National Security Strategy, published early Friday, took aim at allies in Europe, calling it over-regulated, lacking in “self-confidence” and facing “civilizational erasure” due to immigration.
The document stated that the United States would also prevent other powers from dominating but added: “This does not mean wasting blood and treasure to curtail the influence of all the world’s great and middle powers.”
Commenting on the new US strategy, the Kremlin’s spokesman Dmitry Peskov said that the current US administration was “fundamentally different from the previous ones.”
“The adjustments we’re seeing, I would say, are largely consistent with our vision,” Peskov said in an interview with state TV station Rossiya aired Sunday.
“President Trump is currently strong in terms of domestic political positions. And this gives him the opportunity to adjust the concept to suit his vision,” Peskov added.
The publication of the updated security strategy came as officials from Kyiv held talks in Florida with Trump’s envoys on the US-drafted plan to end the near four-year war in Ukraine.
Three days of talks produced no apparent breakthrough.
President Volodymyr Zelensky committed to further negotiations toward “real peace,” as Russia in the early hours of Saturday launched another series of drone and missile strikes at Ukraine.
Zelensky is due to meet with European leaders — French President Emmanuel Macron, British Prime Minister Keir Starmer and German Chancellor Friedrich Merz — in London on Monday to take stock of the negotiations.
