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The G7 nations have announced that they will be targeting those who continue to buy Russian oil.

The Group of Seven finance ministers announced on Wednesday that they would take joint measures to increase pressure against Russia, targeting those who continue to increase their purchases of Russian crude oil and those who facilitate circumvention.

The G7 Finance Ministers have also agreed that trade measures such as tariffs, import and export restrictions, and bans on certain products are important in the effort to reduce Russian revenue due to Moscow’s invasion of Ukraine. The statement was released after a virtual finance minister meeting.

Why it's important

Washington has called upon its allies, including India and China, to impose tariffs against purchasers of Russian crude oil. Trump has not imposed additional tariffs against Chinese imports due to China's purchase of Russian oil. However, his administration has imposed extra tariffs upon imports from India.

In the G7 statement of Wednesday, India and China were not mentioned.

KEY QUOTES

The G7 statement stated that "we will target those who continue to increase their purchases of Russian oil after the invasion of Ukraine, and those who facilitate circumvention."

It added, "We will take measures to reduce our remaining imports, with an aim of eliminating them, including hydrocarbon imports."

The G7 Foreign Ministers said that they are also "considering seriously" trade measures and other limitations on countries who help finance Russia's military efforts. The statement did not identify any country.

CONTEXT

Russia's full-scale

Invasion of Ukraine

The next election will be held in February 2022. In 2014, Moscow annexed Crimea.

Western powers have imposed heavy sanctions on Russia and are considering ways to limit its financing.

war efforts

. (Reporting and editing by David Gregorio in Washington)

(source: Reuters)