G7 Unites to Slash Russian Oil Revenue With Tariffs and Export Bans
The G7 nations have agreed on trade measures, including tariffs and import/export bans, to curb Russian oil revenues. This move aims to maximize pressure on Russia's oil exports, thereby cutting off funds for the ongoing war in Ukraine.
The G7 is exploring restrictions on countries and entities financing Russia's war efforts, including buyers of refined products from Russian oil. This comes as nations like India, China, and Turkey continue purchasing Russian crude oil, while Germany and the broader EU have significantly reduced and practically stopped imports of Russian gas since mid-2022.
President Trump previously proposed tariffs ranging from 50 percent to 100 percent on Russian oil buyers. The G7 finance ministers plan to meet again this month to discuss further actions. They have already pledged to target those increasing purchases of Russian oil since the invasion. The European Commission is working on potential tariffs for Russian oil imports into the EU, with the US indicating readiness to broaden tariffs on Russian oil buyers if the EU takes similar moves.
The G7's collective effort to reduce Russian oil revenues through trade measures signals a united front against Russia's war in Ukraine. The upcoming meeting of G7 ministers will likely see further discussions and decisions on these tariffs and import/export sanctions.
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