G7 vows to increase pressure on Russian oil buyers
The G7 countries have announced tougher restrictions against Russia and the main buyers of its oil in order to cut the revenues funding the war in Ukraine.
Source: joint G7 statement published on the website of the Government of Canada
Details: After an online meeting, G7 finance ministers released a statement saying they had "agreed to take joint steps to increase pressure on Russia to end its continued brutal war against Ukraine and to support Ukraine in its ongoing efforts to defend itself".
Quote from the statement: "Russia's continued escalatory actions, including the violations of NATO airspace, increasing attacks on civilians, and damage to government and diplomatic buildings in Ukraine, are unacceptable and undermine efforts to broker peace."
Details: The statement said that the joint actions of the G7 and sanctions "have reduced Russia's revenues".
The ministers stressed that the coordinated use of the full value of frozen Russian assets is among the measures to increase pressure on Russia.
In addition, G7 actions will target those who "are continuing to increase their purchase of Russian oil since the invasion of Ukraine and those that are facilitating circumvention".
Quote from 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.
We are also 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."
Details: The statement once again underlined that pressure on Russia will continue "through coordinated economic and financial measures".
Background: The Financial Times reported that the US would press G7 countries to target India and China with sharply increased tariffs on Russian oil purchases in order to force Russia into peace talks with Ukraine.
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