US asks G7 countries to impose tariffs on nations buying Russian oil

The United States US has called on the G7 countries to impose tariffs on nations purchasing oil from Russia asserting that only ldquounified effortsrdquo that cut off funding to Moscows war machine at source can apply sufficient pressure to end ldquothe senseless killingrdquoAccording 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 Trumps call to the blocrsquos partners to impose tariffs on countries purchasing Russian oilFranccediloisPhilippe Champagne Canadarsquos 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 UkraineG7 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 yearldquoDuring todays call with G7 Finance Ministers Secretary Bessent reiterated President Trumps 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 Russiardquo a US Treasury Department statement said after the call according to PTIThe 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 BeijingldquoOnly with a unified effort that cuts off the revenues funding Russian President Vladimir Putins war machine at the source will we be able to apply sufficient economic pressure to end the senseless killingrdquo said Secretary Bessent and Ambassador GreerldquoThanks to President Trumps 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 timerdquo the statement added according to PTIThe US has doubled tariffs on Indian goods to a steep 50 per cent including a 25 per cent additional duty linked to Indiarsquos purchase of Russian crude oil a move New Delhi has described as ldquounfair unjustified and unreasonablerdquoIndia has maintained that its energy procurement including oil imports from Russia is guided by national interest and market dynamicsIndia 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 WashingtonTrade 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 IndiaUS bilateral trade agreement by the fall of 2025A statement from Champagne said ldquoRussias increasingly aggressive stance including recent bombings in Ukraine and Wednesdays violation of Polish airspace by Russian drones and its unwillingness to agree to a ceasefire have prompted this G7 meetingrdquoCanada as part of its G7 Presidency remains committed to working closely with G7 allies to increase pressure on Russia and support Ukraines longterm security and recovery he added in a statement posted on XldquoG7 Ministers agreed to accelerate discussions to further use immobilised Russian sovereign assets to fund Ukraines defence and to explore other mechanisms that would allow further increasing financial support to Ukrainerdquo the statement saidSecretary Bessent and Ambassador Greer also welcomed commitments to increase sanctions pressure and explore using immobilised Russian sovereign assets to further benefit Ukraines defenceOn Friday when asked in an interview with Fox and Friends what clamping down on his Russian counterpart entails President Trump said ldquoLook India was their biggest customer I put a 50 per cent tariff on India because theyre buying oil from Russia Thats not an easy thing to do Thats a big deal and it causes a rift with IndiardquoWith PTI inputs