The United States has called on the G7 countries to embrace a unified tariff against those countries that still buy Russian oil, arguing that a collective effort is the only way to effectively deprive Moscow of its resources to fight the current war in Ukraine. It was requested in a conference call on Friday between U.S. Treasury Secretary Scott Bessent, U.S. Trade Representative Ambassador Jamieson Greer, and the G7 Finance Ministers.
In the interview, Secretary Bessent supported the argument of President Donald Trump that severing the main income of Russia, its exports of energy resources, continues to play a central role in terminating what he termed as the pointless killing. He emphasized that the G7 could jointly increase the pressure and deprive the Kremlin of the resources to continue its military campaign by introducing tariffs on countries that kept trading oil with Moscow.
This call was chaired by the Finance Minister of Canada, Francois-Philippe Champagne, who is presently the G7 Finance Ministers Chair under the rotating presidency of Canada. The discussion included consideration of additional financial and economic actions in the form of tariff that can be taken to further sanction and ensure Russia does not escape the restrictions that are already imposed.
The Treasury Department of the United States, in a post-meeting statement, pointed out: Secretary Bessent reiterated the call made by President Trump to our G7 partners that they must also impose tariffs on countries buying Russian oil, should they really be committed to ending the war in Ukraine.
The G7, which consists of the United States, Canada, France, Germany, Italy, Japan, and the United Kingdom, has been at the forefront in the imposition of sanctions since the war started. But Washington pointed out that a divided approach would not do. Rather, the U.S. urged allies to act together so that Russia would have an ongoing and substantial economic repercussion.
The goal of seeking a common position on tariffs is to intensify financial pressure on Moscow and send a message to other nations that avoidance of sanctions is unacceptable.
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