The finance ministers of the Group of Seven nations have agreed to intensify pressure on Russia’s oil exports in an effort to end its war against Ukraine.
The G7 finance ministers said in a joint statement following an online meeting on Wednesday, “We agree that now is the time to maximize pressure on Russia’s oil exports, a major source of their revenue.” The G7 will target “those who are continuing to increase their purchase of Russian oil since the invasion of Ukraine.”
The joint statement also said the G7 finance ministers agreed on the importance of trade measures, including tariffs and import and export bans, to cut off the revenue used by Russia to fund its invasion of Ukraine.
The reference to “tariffs” apparently reflects the US call for other G7 members to impose higher tariffs on countries that import Russian oil.
Japanese Finance Minister Kato Katsunobu told reporters after the online meeting that it is meaningful that each of the G7 finance ministers recognized the importance of pressuring Russia.
But Kato added that it would be difficult for a country to introduce a major increase in tariffs simply because another country is importing Russian oil. Kato said Japan will consider what other trade measures it could take based on international law.
The G7 statement also said the finance ministers will consider how they might be able to expand their efforts to provide Ukraine with financial support by using the full value of frozen Russian assets in a coordinated way.
The idea will be discussed in detail when the ministers meet in person in Washington in mid-October.