G7 Finance Ministers Vow to Tighten Pressure on Russian Oil Buyers

G7 finance ministers on Wednesday pledged to step up action against countries and companies expanding purchases of Russian oil, more than three years after Moscow’s invasion of Ukraine.

In a joint statement following a virtual meeting, officials from Britain, Canada, France, Germany, Italy, Japan and the United States said they would “maximize pressure on Russia’s oil exports” to squeeze revenue funding the war.

“We will target those who are continuing to increase their purchase of Russian oil since the invasion of Ukraine and those facilitating circumvention,” the statement read. The ministers added that they are weighing “trade measures, including tariffs, import or export bans” to further restrict Moscow’s revenues.

The G7 also signaled “serious consideration” of measures against countries and entities helping finance Russia’s war effort, including through refined products derived from Russian crude.

The declaration comes as Washington has pressed allies to match its tougher stance. President Donald Trump has floated tariffs of 50% to 100% on Russian oil buyers such as China and India, contingent on similar action by the European Union. Last month, the European Commission said it was exploring tariffs on Russian oil imports under US pressure.

The G7 finance ministers will reconvene later this month on the sidelines of the IMF and World Bank annual meetings in Washington.