The United States has pressed its Group of Seven (G7) partners to impose tariffs on nations buying Russian oil, intensifying efforts to choke off Moscow’s revenues as the war in Ukraine enters its third year.

During a call chaired by Canadian Finance Minister Francois-Philippe Champagne on Friday, G7 finance ministers discussed fresh sanctions, trade restrictions, and the possible use of frozen Russian assets to fund Ukraine’s defence, according to a statement released by Canada, which currently holds the G7 presidency.

US Treasury Secretary Scott Bessent urged ministers to align with Washington’s approach, warning that Russia’s oil sales continue to provide vital funding for its military campaign.

“Only with a unified effort that cuts off the revenues funding Putin’s war machine at the source will we be able to apply sufficient economic pressure to end the senseless killing," Bessent and US Trade Representative Jamieson Greer said in a joint statement.

The call also explored additional sanctions and tariff measures targeting what G7 ministers described as countries “enabling" Russia’s war.

Officials said discussions would be accelerated in the coming weeks, including legal pathways for redirecting frozen Russian sovereign assets to Ukraine.

Earlier, a US Treasury spokesperson specifically urged G7 and European Union partners to introduce “meaningful tariffs" on Chinese and Indian goods, aiming to discourage their purchases of discounted Russian crude.

President Donald Trump last month escalated pressure on India by imposing an additional 25% tariff on its exports, doubling punitive duties on Indian goods to 50% and straining bilateral trade talks.

However, his administration has avoided imposing similar measures on Chinese imports, wary of disrupting a fragile trade truce with Beijing.

Source: News18