The world’s leading advanced economies have pledged new measures to tighten the screws on Moscow’s oil revenues, warning that countries and companies stepping up Russian crude purchases will be directly targeted.
Following a virtual meeting on Wednesday, finance ministers from the G7 — Britain, Canada, France, Germany, Italy, Japan, and the United States — issued a joint statement vowing to “maximize pressure on Russia’s oil exports.” The move comes more than three years after Russia’s invasion of Ukraine and amid growing frustration that some buyers are undermining existing sanctions.
“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. They emphasized that further trade measures — including tariffs, import bans, and restrictions on refined products linked to Russian crude — are now under serious consideration.
The renewed push follows signals from Washington last month that it is prepared to broaden tariffs on Russian oil buyers if the European Union joins in. U.S. President Donald Trump, who participated in recent U.S.-EU talks, reportedly floated tariffs ranging from 50 to 100 percent on major buyers such as China and India.
In September, the European Commission also confirmed it was examining the possibility of imposing tariffs on Russian oil imports, responding to pressure from Washington. Trump has insisted that Europe must cut off all remaining energy ties with Moscow before he agrees to expand U.S. sanctions.
The G7 ministers are expected to continue discussions later this month during the annual meetings of the International Monetary Fund and World Bank in Washington, where further coordination on trade restrictions and enforcement mechanisms will be on the table.