NextFin news, On Friday, September 12, 2025, U.S. President Donald Trump intensified pressure on international allies during a Group of Seven (G7) finance ministers' call, urging them to impose tariffs on China and India for their continued purchases of discounted Russian crude oil. The meeting, chaired by Canadian Finance Minister Francois-Philippe Champagne, took place virtually with finance ministers from G7 nations discussing additional sanctions on Russia and trade measures targeting countries enabling Russia's war effort in Ukraine.
Trump's administration has already imposed an additional 25% tariff on Indian imports, raising the total punitive duties on Indian goods to 50%, in an effort to pressure New Delhi to halt its purchases of Russian oil. However, Trump has refrained from imposing new tariffs on Chinese imports, navigating a delicate trade truce with Beijing.
U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer, in a joint statement following the call, emphasized the need for a unified effort among allies to cut off revenues funding Russian President Vladimir Putin's war machine. They stated, "Only with a unified effort that cuts off the revenues funding Putin’s war machine at the source will we be able to apply sufficient economic pressure to end the senseless killing." The officials welcomed commitments made during the call to increase sanctions pressure and explore using frozen Russian sovereign assets to support Ukraine's defense.
The G7 ministers agreed to accelerate discussions on utilizing immobilized Russian assets for Ukraine's defense and considered a wide range of economic measures, including tariffs on nations deemed to be enabling Russia's war. The call also included talks about tougher sanctions on Russia and potential tariffs on countries purchasing Russian oil.
Earlier on Friday, Trump expressed frustration with Putin's failure to end the war in Ukraine during a Fox News interview, stating that sanctions on banks and oil were options to increase pressure but emphasized the need for European countries to participate. "We’re going to have to come down very, very strong," Trump said.
Additionally, Treasury Secretary Bessent was scheduled to travel to Madrid for talks with Chinese Vice Premier He Lifeng to discuss trade issues, including Washington's demands for Chinese-owned TikTok to divest its U.S. operations and anti-money laundering concerns.
This development marks a significant step in the U.S. and its allies' efforts to economically isolate Russia by targeting countries that continue to purchase its oil, thereby funding its military operations in Ukraine.
Sources: The Business Standard, StratNews Global, Channels Television (September 13, 2025)
Explore more exclusive insights at nextfin.ai.