Ministers from the leading economies (known as the G7 group) pledged to undertake strict measures against countries that have been purchasing Russian oil for the past three years since Moscow invaded Ukraine.
While a majority of nations continue to make purchases in small quantities, China and India are two of the major economies which are currently on the radars of US and its allies when it comes to sanctioning countries trading with Russia.
In a statement after a virtual meeting, officials from the group of seven leading economies, including Britain, Canada, France, Germany, Italy, Japan and the United States, agreed that it is time to “maximise pressure on Russia’s oil exports”.
According to the statement, the move would hit Moscow’s financial arm, which would discourage it from pursuing the war against Ukraine.
Also Read: US asks G7 group to impose tariffs on Russian oil-buyers
Issuing a joint statement saying, the group said, “We will target those who are continuing to increase their purchase of Russian oil since the invasion of Ukraine and those who are facilitating circumvention.”
They also said they have agreed on “the importance of trade measures, including tariffs” and “import or export bans” in efforts to cut off Russian revenues.
Those purchasing Russian oil will face “serious consequences”, as measures are currently under consideration.
“The countries and corporations helping Russia in its war against Ukraine will face trade restrictions,” the statement read.
The move comes after United States President Donald Trump asked EU and G7 members to push for additional sanctions and measures on the countries buying Russian oil.
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