US Pushes G7 to Impose Tariffs on Russian Oil Buyers Amid Ukraine War

The United States has requested that the G7 impose tariffs on nations that buy oil from Russia, claiming that only "unified efforts" that stop supporting Moscow's war machine at its source will exert enough pressure to put an end to "the senseless killing."  

​According to PTI, during a Friday call with G7 Finance Ministers, US Treasury Secretary Scott Bessent and US Trade Representative Ambassador Jamieson Greer reaffirmed President Donald Trump's recommendation to the group's allies to impose tariffs on nations that buy oil from Russia.

​Canada's Minister of Finance and National Revenue, François-Philippe Champagne, presided over a G7 Finance Ministers' meeting to examine further ways to put more pressure on Russia to halt its war against Ukraine.

​G7 is an intergovernmental bloc of rich, industrialised countries comprising the United States, Canada, France, Germany, Italy, Japan, and the UK. Canada is the head of the rotating G7 presidency this year.

​“During today's call with G7 Finance Ministers, Secretary Bessent reiterated President Trump's call to our G7 partners that, if they are truly committed to ending the war in Ukraine, they should join the United States in imposing tariffs on countries purchasing oil from Russia,” a US Treasury Department statement said after the call.

​“Only with a unified effort that cuts off the revenues funding (Russian President Vladimir) Putin’s war machine at the source will we be able to apply sufficient economic pressure to end the senseless killing,” said Secretary Bessent and Ambassador Greer.

​“Thanks to President Trump’s bold leadership, the United States has already taken dramatic action against the purchasers of Russian oil. We are encouraged by the assurances of our fellow G7 nations that they are committed to ending this war, and we are hopeful that they will join us in taking decisive action at this critical time,” the statement added.

PTI reported that ​New Delhi has called the US's decision to quadruple tariffs on Indian imports to a staggering 50 per cent, which includes a 25 per cent additional charge for India's purchase of Russian crude oil, "unfair, unjustified, and unreasonable."  India has maintained that market forces and national interests drive its energy purchases, including its purchase of Russian oil.

​Since March, the United States and India have been engaged in bilateral trade negotiations.  Five rounds of negotiations have been concluded thus far.

​The US team was scheduled to travel to India for the sixth round last month, but they postponed their trip when Washington imposed a 50 per cent tariff on Indian goods.​

PTI reported that the high tariffs have strained trade relations between the two nations.  Prior to this, the two nations had stated their intention to complete the first stage of the bilateral trade deal between the US and India by the fall of 2025.

​According Champagne's statement, the G7 meeting was motivated by Russia's growing aggression, which includes recent bombs in Ukraine and Wednesday's Russian drone invasion of Polish airspace, as well as its refusal to accept a ceasefire.  In the statement published on X, he stated that Canada is still dedicated to collaborating closely with its G7 allies as part of its G7 Presidency in order to put more pressure on Russia and aid Ukraine's long-term stability and recovery.

​“G7 Ministers agreed to accelerate discussions to further use immobilised Russian sovereign assets to fund Ukraine's defence, and to explore other mechanisms that would allow further increasing financial support to Ukraine,” it added.​

Secretary Bessent and Ambassador Greer also welcomed commitments to increase sanctions pressure and explore using immobilised Russian sovereign assets to further benefit Ukraine’s defence, it said.

​On Friday, President Trump, when asked in an interview with ‘Fox and Friends’ what clamping down on his Russian counterpart entails, said: “Look, India was their biggest customer. I put a 50 per cent tariff on India because they're buying oil from Russia. That's not an easy thing to do. That's a big deal, and it causes a rift with India.”