G7 finance ministers are considering increased pressure on countries importing oil from Russia. “We are giving serious consideration to trade measures and other restrictions on countries and entities that are helping finance Russia’s war efforts, including on refined products sourced from Russian oil,” reads the G7 statement issued by the virtual meeting on Oct. 1.
“We agreed that now is the time to maximize pressure on Russia’s oil exports,” and “target those who are continuing to increase their purchase of Russian oil … and those that are facilitating circumvention,” according to the statement.
“We agreed on the importance of trade measures, including tariffs and import/export bans, in our efforts to cut off Russian revenues. We will take concrete measures to significantly reduce, with the objective of phasing out, our remaining imports from Russia, including on hydrocarbon imports.” Sanctions would target key sectors of the Russian economy, such as “energy, finance, the military industrial base, special economic zones, and enablers and profiteers.”
Similar sanctions against Russian LNG are also being considered by the European Union. It remains to be seen whether Taiwan, one of the biggest importers of Russian LNG at a value of $4.9 billion since 2022, will appear on the same blacklist as China.Oct. 2, 2025 (EIRNS)—G7 finance ministers are considering increased pressure on countries importing oil from Russia. “We are giving serious consideration to trade measures and other restrictions on countries and entities that are helping finance Russia’s war efforts, including on refined products sourced from Russian oil,” reads the G7 statement issued by the virtual meeting on Oct. 1.
“We agreed that now is the time to maximize pressure on Russia’s oil exports,” and “target those who are continuing to increase their purchase of Russian oil … and those that are facilitating circumvention,” according to the statement.
“We agreed on the importance of trade measures, including tariffs and import/export bans, in our efforts to cut off Russian revenues. We will take concrete measures to significantly reduce, with the objective of phasing out, our remaining imports from Russia, including on hydrocarbon imports.” Sanctions would target key sectors of the Russian economy, such as “energy, finance, the military industrial base, special economic zones, and enablers and profiteers.”
Similar sanctions against Russian LNG are also being considered by the European Union. It remains to be seen whether Taiwan, one of the biggest importers of Russian LNG at a value of $4.9 billion since 2022, will appear on the same blacklist as China.
