G7 announces increased pressure on countries buying Russian oil

The Group of Seven (G7) is seriously considering increasing pressure on countries that are increasing their purchases of Russian oil and helping Moscow evade sanctions, according to a statement by G7 finance ministers.

“We are seriously considering the possibility of imposing trade and other restrictions on countries and companies that provide assistance to Russia, including on refined petroleum products produced from Russian oil,” the statement said.

The G7 also announced its readiness to take measures to significantly reduce the remaining imports from Russia, including energy, with the aim of completely eliminating dependence on supplies from this country. According to the joint communique, the G7 countries also agreed on the need to apply trade measures, including tariffs and import and export bans, to reduce Russia's revenue.

"We reaffirm the importance of trade measures, including tariffs and import and export bans, as part of efforts to deny Russia revenue. We will take concrete measures to significantly reduce, with the aim of eliminating, remaining imports from Russia, including hydrocarbon imports," the finance ministers of the UK, Germany, Italy, Canada, the US, France and Japan noted.

The G7 pledged to step up sanctions against key sectors of the Russian economy, such as "energy, the financial sector, the defense industrial base, special economic zones, as well as individuals and entities that facilitate and benefit from these activities."