The United States has launched a new initiative to increase economic pressure on Russia by engaging its allies. According to a report by the Financial Times, President Donald Trump is advocating for G7 countries to impose a significant tariff, ranging from 50% to 100%, on Russian oil purchases made by India and China.
To deliberate on this proposal, the finance ministers of the G7 countries are set to meet via a video call on Friday. Trump has previously urged the European Union to impose tariffs of up to 100% on Beijing and New Delhi.
A spokesperson from the US Treasury stated, “The Russian oil bought by China and India fuels Putin’s war machine, prolonging the suffering of the Ukrainian people. These tariffs will be lifted once the war ends.”
America considers this effort a crucial element of its “Peace and Prosperity Administration,” aiming to bring Russia to the peace negotiation table.
Before this, Trump appealed to the European Union (EU) for a 100% tariff on India and China. He believes this measure will escalate the economic pressure on Russian President Vladimir Putin. Confirming this, a US official noted that America would take this step only if its European partners join the initiative. The objective is to deter India and China from purchasing Russian oil, cutting off economic support for Russia's war efforts.
However, the European Union (EU) does not appear to agree with this approach. Brussels believes that heavy tariffs on major trading partners like India and China could lead to economic risks and retaliation. Instead, the EU favors ending its dependency on Russian energy by 2027 and implementing new stringent sanctions.
Canada, currently holding the presidency of the G7, has confirmed the meeting and stated its intention to consider “further steps” to increase pressure on Russia’s military capabilities.
