G7 Finance Ministers discuss possible measures to increase pressure on Russia

The Canadian finance ministry has released a statement saying that the Group of Seven nations’ finance ministers held a meeting on possible sanctions and trade measures such as tariffs on nations which, as per them, “enable” Russia’s war in Ukraine.

According to the head of the rolling G7 presidency, the meeting also focused on further measures to increase pressure on Moscow to end its offensive against Kyiv.

“They discussed a wide range of possible economic measures to increase pressure on Russia, including further sanctions and trade measures, such as tariffs, on those enabling Russia’s war effort,” the statement said.

US TREASURY CALLED ON G7, EU TO IMPOSE TARIFF ON INDIA & CHINA

The G7 finance ministers’ meetings came after the United States Treasury had urged its G7 and EU allies to implement what it calls “meaningful tariffs” on China and India, in an attempt to punish them for purchasing Russian oil.

In an emailed statement to Reuters, the US Treasury spokesperson asserted, “Chinese and Indian purchases of Russian oil are funding Putin’s war machine and prolonging the senseless killing of the Ukrainian people.”

TRUMP ON TARIFFING INDIA

Meanwhile, US President Donald Trump admitted that imposing tariffs on India for purchasing Russian oil is “not an easy thing to do” as it creates tensions between the two countries.

When asked what clamping down on Russian President Vladimir Putin entails, during an interview with Fox and Friends, Trump asserted, “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.”

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Inputs from the Agency Reuters