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G7 nations say they will target those continuing to increase Russian oil purchases

Published by Global Banking & Finance Review

Posted on October 1, 2025

1 min read

· Last updated: January 21, 2026

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WASHINGTON (Reuters) -The Group of Seven nations' finance ministers said on Wednesday they will take joint steps to increase pressure on Russia by targeting those who are continuing to increase their

G7 Finance Ministers to Target Continued Russian Oil Purchases

G7's Strategy to Pressure Russia

WASHINGTON (Reuters) -The Group of Seven nations' finance ministers said on Wednesday they will take joint steps to increase pressure on Russia by targeting those who are continuing to increase their purchases of Russian oil and those that are facilitating circumvention.

Importance of Trade Measures

The G7 finance ministers also said they agreed on the importance of trade measures, including tariffs and import and export bans, in efforts to cut off Russian revenues due to Moscow's invasion of Ukraine.

Details from the Virtual Meeting

The joint statement followed a virtual meeting of the finance ministers on Wednesday.

(Reporting by Kanishka Singh in Washington; Editing by Chris Reese)

Key Takeaways

  • G7 finance ministers plan to target increased Russian oil purchases.
  • Joint steps will be taken to pressure Russia.
  • Trade measures like tariffs and bans are considered.
  • The initiative aims to cut off Russian revenues.
  • The decision followed a virtual meeting of finance ministers.

Frequently Asked Questions

What is the main topic?
The main topic is the G7's strategy to target increased Russian oil purchases to pressure Russia.
What measures are the G7 considering?
The G7 is considering trade measures, including tariffs and import/export bans.
Why is the G7 targeting Russian oil purchases?
The G7 aims to cut off Russian revenues due to Moscow's invasion of Ukraine.

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