G7 finance ministers will debate new US proposals for tougher economic measures on Russia, as Washington urges allies to escalate pressure and accelerate Europe’s shift from Russian energy.
The Donald Trump administration in the US will pressure G7 countries to hit India and China with sharply higher tariffs for buying Russian oil in an attempt to force Moscow into peace talks with Ukraine, British daily Financial Times reported, citing people briefed on the plans.
The suggested tariff levels are said to be between 50 and 100 percent. Finance ministers from the G7 — Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States — are scheduled to discuss the proposal in a video call on Friday.
This follows President Trump’s earlier appeal this week for the European Union to implement similar tariffs.
“Chinese and Indian purchases of Russian oil are funding Putin’s war machine and prolonging the senseless killing of the Ukrainian people. Earlier this week, we made it clear to our EU allies that if they are serious about ending the war in their own backyard, they need to join us and impose meaningful tariffs that will be rescinded the day the war ends,” the US Treasury department spokesperson told Financial Times.
Canada, which holds the G7 presidency, confirmed the meeting, saying it would consider “further measures to increase pressure on Russia and limit their war machinery”.
The push comes as Washington steps up pressure on allies to align with Trump’s “Peace and Prosperity Administration” initiative aimed at bringing Russia to the negotiating table. The US administration believes that exerting economic pressure on India and China, Russia’s largest oil buyers, could significantly weaken Moscow’s economy.
Last month, the Trump administration raised tariffs on Indian imports to 50 per cent, — 25 per cent reciprocal duty and a 25 per cent punitive levy tied to India’s Russian oil purchases. In April, Trump also hiked tariffs on Chinese imports but partially rolled them back in May after facing a sharp market backlash.
Last week, Donald Trump called on the European Union to hit China and India with tariffs of up to 100 per cent to force Russian president Vladimir Putin to end the war in Ukraine. The US president made the demand during a meeting between US and EU officials, discussing options to increase economic pressure on Russia.
The European Union, however, remains hesitant. Officials are wary of slapping steep tariffs on two of their biggest trading partners, citing economic risks and the likelihood of retaliation from Beijing. Instead, Brussels is pushing to accelerate its 2027 deadline for phasing out Russian energy imports, while also considering tighter sanctions.
