US Treasury Secretary Scott Bessent and Trade Representative Ambassador Jamieson Greer held a call with G7 Finance Ministers on Friday, reiterating President Donald Trump's call to the bloc’s partners to impose tariffs on countries purchasing Russian oil
Canada holds the rolling G7 presidency this year. Pic/X
The United States (US) has called on the G7 countries to impose tariffs on nations purchasing oil from Russia, asserting that only “unified efforts” that cut off funding to Moscow's war machine at source can apply sufficient pressure to end “the senseless killing.”
According to news agency PTI, US Treasury Secretary Scott Bessent and Trade Representative Ambassador Jamieson Greer held a call with G7 Finance Ministers on Friday, reiterating President Donald Trump's call to the bloc’s partners to impose tariffs on countries purchasing Russian oil.
François-Philippe Champagne, Canada’s Minister of Finance and National Revenue, chaired the meeting of G7 Finance Ministers to discuss additional measures to increase pressure on Russia to end its war against Ukraine.
G7 is an intergovernmental bloc of rich, industrialised countries comprising the United States, Canada, France, Germany, Italy, Japan, and the UK. Canada holds the rolling G7 presidency this year.
“During today's call with G7 Finance Ministers, Secretary Bessent reiterated President Trump's call to our G7 partners that, if they are truly committed to ending the war in Ukraine, they should join the United States in imposing tariffs on countries purchasing oil from Russia,” a US Treasury Department statement said after the call, according to PTI.
The statement did not name any specific country, but the US has frequently criticised India and China for buying Russian oil, even when there are no tariffs imposed on Beijing.
“Only with a unified effort that cuts off the revenues funding (Russian President Vladimir) Putin's war machine at the source will we be able to apply sufficient economic pressure to end the senseless killing,” said Secretary Bessent and Ambassador Greer.
“Thanks to President Trump's bold leadership, the United States has already taken dramatic action against the purchasers of Russian oil. We are encouraged by the assurances of our fellow G7 nations that they are committed to ending this war, and we are hopeful that they will join us in taking decisive action at this critical time,” the statement added, according to PTI.
The US has doubled tariffs on Indian goods to a steep 50 per cent, including a 25 per cent additional duty linked to India’s purchase of Russian crude oil, a move New Delhi has described as “unfair, unjustified and unreasonable.”
India has maintained that its energy procurement, including oil imports from Russia, is guided by national interest and market dynamics.
India and the US have been negotiating a bilateral trade agreement since March, with five rounds completed so far. The sixth round, which was scheduled for last month with the US team visiting India, was deferred following the imposition of a 50 per cent tariff on Indian goods by Washington.
Trade relations between the two countries have been strained due to high tariffs. Earlier, the two countries had announced plans to conclude the first phase of the India-US bilateral trade agreement by the fall of 2025.
A statement from Champagne said, “Russia's increasingly aggressive stance, including recent bombings in Ukraine and Wednesday's violation of Polish airspace by Russian drones, and its unwillingness to agree to a ceasefire have prompted this G7 meeting.”
Canada, as part of its G7 Presidency, remains committed to working closely with G7 allies to increase pressure on Russia and support Ukraine's long-term security and recovery, he added in a statement posted on X.
“G7 Ministers agreed to accelerate discussions to further use immobilised Russian sovereign assets to fund Ukraine's defence, and to explore other mechanisms that would allow further increasing financial support to Ukraine,” the statement said.
Secretary Bessent and Ambassador Greer also welcomed commitments to increase sanctions pressure and explore using immobilised Russian sovereign assets to further benefit Ukraine's defence.
On Friday, when asked in an interview with Fox and Friends what clamping down on his Russian counterpart entails, President Trump said: “Look, India was their biggest customer. I put a 50 per cent tariff on India because they're buying oil from Russia. That's not an easy thing to do. That's a big deal and it causes a rift with India.”
(With PTI inputs)
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