The countries of the Group of Seven major developed economies (G7) announced last night that they plan joint steps to increase pressure on Russia by taking measures against countries that continue to buy Russian oil, Reuters reported, BTA reported.
There will also be action against those who facilitate the circumvention of sanctions, the G7 added. In their joint statement, the G7 finance ministers also said that they had reached agreement on the importance of trade measures, including tariffs, import and export bans, in their efforts to reduce Russian revenues. The reason for these actions is the Russian invasion of Ukraine.
The G7 countries issued the declaration after a meeting via videoconference of their finance ministers. The United States has called on its allies to impose tariffs on goods from countries such as India and China, which are major buyers of Russian oil, Reuters notes, adding that the declaration did not mention the two countries in question.
"We will take action against those who continue to increase their purchases of Russian oil since Russia invaded Ukraine, and those who facilitate the circumvention of sanctions," the declaration said.
"There will be concrete measures aimed at substantially reducing - with a tendency towards a complete cessation - the products we still import from Russia, including hydrocarbons, the joint statement added.
In addition, the G7 finance ministers indicated that they were "seriously considering" trade measures and other restrictions on countries that help finance Russia's war in Ukraine. Again, no country was mentioned by name, Reuters notes.