A group of Finance Ministers of the Seven Nations discussed on Friday further sanctions for Russia and possible tariffs on countries that they consider to be a “allowing” war in Ukraine because the US urged its allies to deposit tariffs on Russian oil.
The Canadian Finance Minister Francois-Philippe Champagne chaired the G7 meeting to discuss other measures to increase pressure on Russia and end his war against Ukraine, according to Canada’s statement, Head of the Presidency of G7.
The ministers agreed to speed up the discussion of the use of frozen Russian assets to finance the defense of Ukraine, and discussed the “wide range of possible economic measures to increase pressure on Russia, including other sanctions and business measures such as tariffs, for those that allow Russia’s war efforts.”
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US Finance Minister Scott Bessnt told ministers of Finance to join the US and save tariffs on countries buying oil from Russia, Bessnt and US sales representatives Jamieson Greer said after a meeting in a separate statement.
“Only with unified efforts that cut off the revenue of the financing of Putin’s war at the source, we will be able to exert sufficient economic pressure to end nonsensical killing,” Bessnt and Greer said.
Bessent and Greer welcomed obligations made during the call for increasing sanction pressure and explored using immobilized Russian sovereign assets to benefit Ukraine, according to a common statement.
Previously, a spokesman for the US Treasury called G7 and the European Union allies to impose “meaningful tariffs” for goods from China and India to push them to stop their purchases of Russian oil.
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President Donald Trump imposed another 25% tariff on imports from India for pressure on the new Delhi to stop his purchases of discounted Russian oil, bringing overall repressive obligations to Indian goods to 50% and negotiating business negotiations between the two democracy.
Trump, however, refrained the introduction of other tariffs on Chinese imports before Chinese purchases of Russian oil, because its administration navigates a fine business ceasefire with Beijing.
Bessnt is to travel to Madrid on Friday for another round of interviews with his Chinese counterpart, vice presses He Lifeng, who will cover business problems, Washington’s requirements for Chinese tiktok to sell their operations in the US and rights problems.
Also read: Trump claims “India kills us tariffs”
Trump said earlier on Friday that his patience with Russian President Vladimir Putin was running out, but during an interview Fox News ceased to endanger new sanctions.
Only with the unified efforts that cut off the income of the financing of Putin’s war at the source, we will be able to exert sufficient economic pressure to end nonsensical killing.
Trump expressed the frustration of Putin’s failure to stop the war. He said that sanctions for banks and oil were the possibility to increase pressure on Russia, but added that European countries must also participate.
“We will have to descend very, very strongly,” Trump said.
(Tagstotranslate) sanctions for Russia
