G7 to Target Russia Oil Buyers in October Meeting
G7 finance ministers have scheduled another meeting in October, this time on the sidelines of the IMF and World Bank annual meetings in Washington. The gathering will focus on trade measures, including tariffs, against Russia, with a particular emphasis on countries increasing purchases of Russian oil despite the ongoing Russia-Ukraine war.
The G7 has agreed to target countries like India and China that continue to buy Russian oil, aiming to reduce Russian government revenues funding the war. The group promises to consider trade measures and other restrictions on refined products from Russian oil as well. Donald Trump, during his presidency, had proposed tariffs of up to 100% on countries purchasing Russian oil. The European Commission, meanwhile, plans to propose increased tariffs on Russian crude oil imported by Hungary and Slovakia. The G7 will also target those facilitating the circumvention of sanctions against Russia.
The United States, under Trump, has indicated it would extend tariffs targeting buyers of Russian oil if the EU implements similar measures. The goal is to intensify pressure on Russian oil exports, thereby reducing the funds available to support the war in Ukraine.
The G7 finance ministers will reconvene in October to discuss and potentially implement trade measures and other restrictions against countries aiding Russia's war efforts, particularly those increasing purchases of Russian oil. The aim is to reduce Russian government revenues and put pressure on Moscow to end its aggression in Ukraine.
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