G7 finance ministers agree to hike pressure on buyers of Russian oil
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The news: The Group of Seven nations' finance ministers have announced they will take joint steps to increase pressure on Russia to "end its continued brutal war against Ukraine", including moves to "maximise pressure" on the country's oil exports.
The context: During a virtual meeting on Wednesday, the G7 finance ministers agreed to "target those who are continuing to increase their purchases of Russian oil since the invasion of Ukraine and those that are facilitating circumvention."
They also agreed on the importance of trade measures, including tariffs and import and export bans, in efforts to cut off Russian revenues.
In a joint statement, the ministers said they 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," the statement said.
The source: G7 Finance Ministers’ Statement
