US Advocates for Tariffs on India and China Amidst G7 Discussions on Sanctions Related to Russian Oil

The G7 nations are evaluating new measures in response to countries continuing to purchase Russian crude oil, actions that enable Russia’s ongoing conflict in Ukraine. The Canadian Finance Minister announced that sanctions, trade actions, and tariffs are potential options. The talks, presided over by Canadian Finance Minister François-Philippe Champagne, addressed recent events including Russian air strikes and a violation of Polish airspace. The G7’s stance stresses the importance of escalating pressure on Moscow while supporting Ukraine’s security and economic stability. A primary consideration is further restricting Russia’s oil revenues. Following moves by Canada, the European Union, and the United Kingdom to lower the oil price cap, ministers are looking at expanded sanctions and tariffs targeting purchasers of discounted Russian oil. U.S. Treasury Secretary Scott Bessent called on the G7 to impose EU-style tariffs on India and China.