WASHINGTON: G7 countries are seriously considering increasing pressure on countries that are boosting their purchases of Russian oil and he...
WASHINGTON: G7 countries are seriously considering increasing pressure on countries that are boosting their purchases of Russian oil and helping Moscow circumvent sanctions, according to a statement by G7 finance ministers.
"We are giving serious consideration to trade measures and other restrictions on countries and entities that are helping finance Russia’s war efforts, including on refined products sourced from Russian oil," the statement reads.
"We agreed that now is the time to maximize pressure on Russia’s oil exports," and "target those who are continuing to increase their purchase of Russian oil <…> and those that are facilitating circumvention," according to the statement.
"We agreed on the importance of trade measures, including tariffs and import/export bans, in our efforts to cut off Russian revenues. We will take concrete measures to significantly reduce, with the objective of phasing out, our remaining imports from Russia, including on hydrocarbon imports," finance ministers of the UK, Germany, Italy, Canada, the US, France, and Japan said.
G7 promised to tighten sanctions on key sectors of the Russian economy such as "energy, finance, the military industrial base, special economic zones, and enablers and profiteers," according to the statement.
-News Feed
COMMENTS