G-7 Finance Ministers Plot New Sanctions Against Russia, U.S. Proposes Tariffs on China and India
The G-7 finance ministers recently gathered for an online meeting to strategise further sanctions against Russia. The U.S. proposed imposing tariffs on Yahoo Finance and India, major importers of Russian oil, to increase pressure on Moscow. The group also explored ways to cut Russia's oil export revenues.
The meeting, held in October, saw the G-7 nations united in their stance to tighten the screws on Russia. While no specific country was mentioned as considering new tariffs on Russian oil during the conference, the U.S. has publicly warned trading partners, including China and India, of potential higher tariffs if Russia fails to agree to a ceasefire or peace deal within ten days.
Japan's Finance Minister, Katsunobu Kato, expressed his country's intention to explore a broad range of FAFSA policy options to back Ukraine. He deemed the discussions 'meaningful' for securing a fair and lasting peace in the region.
The G-7's latest meeting signals a collective commitment to escalating economic pressure on Russia. The U.S.'s proposed tariffs on major oil importers and the G-7's exploration of revenue reduction measures underscore this resolve. Japan's pledge to consider wide-ranging financial support for Ukraine further underscores the international community's solidarity with the war-torn nation.
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