Finance ministers of the Group of Seven (G7) have announced new measures aimed at increasing pressure on Moscow by targeting countries and institutions that continue purchasing Russian oil or assisting in sanction evasion.

According to Reuters, the decision followed a virtual meeting of G7 finance ministers, after which they issued a joint statement stressing the use of tariffs and trade bans as tools to cut Russia's wartime revenues.

The statement declared:“We will target those who have increased purchases of Russian oil or helped circumvent sanctions, and take specific steps to reduce and eventually end imports of Russian energy.”

The G7 ministers also noted they are reviewing possible steps against countries that contribute to Russia's war financing, though they avoided explicitly naming India or China in the statement.

Since the invasion of Ukraine in February 2022, Russia has faced sweeping Western sanctions, with global powers seeking to squeeze the financial resources sustaining Moscow's military campaign.

The G7's renewed focus on closing loopholes in sanctions highlights growing frustration with nations and actors enabling Russia's energy trade despite ongoing restrictions.

If implemented effectively, these measures could further tighten the financial squeeze on Moscow, though enforcement against major economies like India and China remains politically sensitive and uncertain.

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