G7 Finance Ministers Announce Joint Measures to Target Increased Russian Oil Purchases and Sanctions Circumvention

The Group of Seven nations' finance ministers announced on Wednesday their intention to jointly increase pressure on Russia by targeting entities that continue to increase Russian oil purchases and those facilitating circumvention of sanctions.

In Washington, G7 finance ministers expressed agreement on the importance of implementing trade measures, including tariffs and import-export bans, aimed at cutting off Russian revenues resulting from Moscow's invasion of Ukraine. This joint statement followed their virtual ministerial meeting.

The significance of this development comes as Washington has urged allies to impose tariffs on countries purchasing Russian oil, such as India and China. While the Trump administration has avoided additional tariffs on Chinese imports related to Russian oil purchases, it has implemented extra tariffs on Indian imports. Notably, the G7 statement released Wednesday did not specifically name either India or China.

The G7 statement explicitly declared, "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." It further committed that "We will take concrete measures to significantly reduce, with the objective of phasing out, our remaining imports from Russia, including on hydrocarbon imports."

G7 foreign ministers additionally stated they were "giving serious consideration" to trade measures and restrictions targeting countries providing financial support for Russia's war efforts, though no specific nations were identified in their statement.

For context, Russia launched its full-scale invasion of Ukraine in February 2022, following its annexation of Crimea in 2014. Russia has since faced substantial sanctions from Western powers, who continue exploring methods to restrict financing for its military operations.