G7 finance ministers discussed further measures to increase pressure on Russia to end its war against Ukraine at a meeting in Canada. This was reported by the Ministry of Finance of Canada, writes UNN.
François-Philippe Champagne, Canada's Minister of Finance and National Revenue, chaired a meeting of G7 finance ministers to discuss further measures to increase pressure on Russia to end its war against Ukraine.
Russia's increasingly aggressive stance, including recent bombings in Ukraine and Russian drone violations of Polish airspace on Wednesday, as well as its unwillingness to agree to a ceasefire, prompted this G7 meeting.
The G7 is committed to stopping the Russian war machine and met today to discuss further strengthening economic measures aimed at undermining Russia's ability to finance its war.
The ministers agreed to accelerate discussions on the further use of frozen Russian assets to finance Ukraine's defense, as well as to explore other mechanisms that would allow for even greater financial support for Ukraine.
"Building on recent steps by Canada, the European Union, and the United Kingdom to lower the price cap on Russian oil from $60 to $47.60 per barrel, G7 ministers also discussed a wide range of possible economic measures to increase pressure on Russia, including further sanctions and trade measures, such as tariffs, against those who support Russian military actions," the statement also says.
Recall
The US will call on G7 allies to impose tariffs of up to 100% on China and India for purchasing Russian oil. It is also proposed to confiscate frozen Russian foreign exchange reserves to finance Ukraine's defense.