Published by Global Banking & Finance Review®
Posted on October 1, 2025
1 min readLast updated: January 21, 2026
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G7 finance ministers aim to curb Russian oil purchases by targeting entities involved, using trade measures 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.
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.
The joint statement followed a virtual meeting of the finance ministers on Wednesday.
(Reporting by Kanishka Singh in Washington; Editing by Chris Reese)
The main topic is the G7's strategy to target increased Russian oil purchases to pressure Russia.
The G7 is considering trade measures, including tariffs and import/export bans.
The G7 aims to cut off Russian revenues due to Moscow's invasion of Ukraine.
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