G7 vows to 'maximize pressure' on Moscow by targeting Russian oil buyers
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The finance ministers of the Group of Seven (G7) countries pledged to take measures against states that continue to increase purchases of Russian oil, according to a joint statement published on Oct. 1.
The move builds on earlier warnings by U.S. President Donald Trump, who said on Sept. 13 that Washington would impose sanctions on Russia if all NATO members stopped importing Russian oil.
The G7 ministers said they had agreed to "maximize pressure" on Moscow to undermine its warfighting capacity and strengthen support for Ukraine's self-defense.
"We will target those who are continuing to increase their purchase of Russian oil since the invasion of Ukraine and those that are facilitating circumvention," the statement read.
The ministers added that G7 countries are working on "significant and coordinated measures" to reduce, and eventually phase out, their remaining imports of Russian hydrocarbons.
The member states are also "giving serious consideration" to imposing trade restrictions and other sanctions on countries that help finance Moscow's war by purchasing Russian oil.
Energy exports account for roughly one-third of Russia's federal budget.
While the statement did not name specific countries, China and India are among Russia's top oil buyers.
Washington imposed a 25% tariff on all Indian imports on Aug. 1, followed by an additional 25% tariff on Aug. 6 tied to India's ongoing purchases of Russian crude.
The G7, an informal forum of the U.S., Canada, the U.K., France, Germany, Italy, and Japan, coordinates on major global economic and political issues, with the EU also participating in its work.
