The G7 countries have agreed to strengthen economic sanctions against those who increase purchases of Russian oil and help circumvent international restrictions, Reuters reported following a virtual meeting of representatives from the economically powerful states on October 1.
Source: OBOZREVATEL
These measures are part of a comprehensive plan to reduce Moscow’s revenues from energy sales, which fund its military operations in Ukraine. The G7 statement emphasized the importance of applying trade restrictions, including tariffs and import and export bans, to increase pressure on Russia.
“We will target those who continue to increase purchases of Russian oil after the invasion of Ukraine and those who help circumvent sanctions,” the G7 ministers’ statement read. In addition, member countries plan to gradually phase out imports of energy resources from Russia, including oil and gas.
Russia’s full-scale invasion of Ukraine has been ongoing since February 2022. Despite already imposed sanctions, energy revenues remain a key source of funding for Moscow’s military operations. Ukrainian Presidential Adviser Andriy Yermak noted that the G7 decision is an important signal of international solidarity and highlights the need for coordination on frozen Russian assets and tightening restrictions on energy exports.
The G7 statement did not name specific countries, but Washington has previously called for tariffs on major importers of Russian oil, such as India and China. Previous U.S. administrations have used similar restrictions to reduce Russia’s budget revenues.