During discussions with G-7 finance ministers, US Treasury Secretary Scott Basant reiterated President Donald Trump's appeal to impose restrictions on Russian oil buyers. He emphasized that if the G-7 countries are truly committed to ending the war in Ukraine, tariffs should be applied to countries purchasing oil from Russia.
US Ambassador Greer joined Scott Basant, welcoming the willingness of partner nations to increase pressure on Russia and explore the use of Russian assets for Ukraine's defense.
This significant development highlights the global dynamics of oil trade.
Only through united efforts can we cut off the revenue sources fueling Putin's war machinery, stated Secretary Basant and Ambassador Greer. This will exert the necessary economic pressure to prevent needless loss of life. Thanks to President Trump's bold leadership, the US has already taken stringent measures against countries purchasing Russian oil.
Working with the US, G-7 countries must impose tariffs on Russian oil buyers, said Basant and Greer. The US Treasury, in its statement, conveyed Basant's clear message to G-7 partners — to truly end the war, they must collaborate with the US in taking decisive actions.
This significant decision could alter global trade dynamics and play a crucial role in the geopolitical landscape.
Discussion also covered providing funding to Ukraine. G-7 ministers considered various potential economic measures, including additional sanctions on Russia and imposing trade actions such as tariffs on countries supporting Russia's war efforts. They agreed to explore other options to strengthen financial support for Ukraine.
Ministers also concurred on fast-tracking the use of Russia's dormant sovereign assets to provide additional funding to Ukraine's defense.
