G7 Finance Ministers Weigh New Sanctions and Tariffs to Pressure Russia

Unified Push Against Russia’s War in Ukraine

The Group of Seven (G7) finance ministers held a call on Friday to discuss further measures aimed at intensifying economic pressure on Russia over its ongoing war in Ukraine. The meeting, chaired by Canadian Finance Minister Francois-Philippe Champagne, explored fresh sanctions and tariffs targeting nations seen as “enabling” Russia’s war effort.

According to a Canadian government statement, the ministers agreed to accelerate talks on using frozen Russian assets to support Ukraine’s defense. They also discussed imposing trade restrictions, including tariffs, to curb revenues that could strengthen Moscow’s military operations.

US Push for Tariffs on Russian Oil Purchasers

US Treasury Secretary Scott Bessent urged G7 partners to join Washington in placing tariffs on countries that continue to buy Russian oil. In a joint statement with US Trade Representative Jamieson Greer, Bessent emphasized the need for collective action.

“Only with a unified effort that cuts off the revenues funding Putin’s war machine at the source will we be able to apply sufficient economic pressure to end the senseless killing,” the statement read.

The officials also welcomed commitments from allies to explore using immobilized Russian sovereign assets for Ukraine’s defense and to expand the scope of sanctions.

Tariffs on India, Silence on China

Earlier on Friday, a US Treasury spokesperson called on G7 and EU allies to impose “meaningful tariffs” on China and India to dissuade them from purchasing discounted Russian crude.

President Donald Trump announced an additional 25% tariff on imports from India, raising total punitive duties on Indian goods to 50%, further complicating trade talks between Washington and New Delhi.

However, Trump has refrained from extending similar tariffs to Chinese imports, as his administration works to maintain a fragile trade truce with Beijing.

Future Talks with China

Bessent is scheduled to meet Chinese Vice Premier He Lifeng in Madrid for further discussions on trade, US demands regarding TikTok’s divestment of its US operations, and anti-money laundering efforts.

Speaking to Fox News, Trump voiced frustration at Vladimir Putin’s failure to halt the war, warning that tougher sanctions on banks and energy could be an option, but stressing that Europe must also step up.

“We’re going to have to come down very, very strong,” Trump said.