The Finance ministers from the Group of Seven (G7) nations held a call on Friday to explore tougher economic measures against Russia and potential tariffs on countries aiding its war in Ukraine. The meeting, chaired by Canadian Finance Minister François-Philippe Champagne, focused on increasing pressure to halt Russia’s aggression by expanding sanctions and targeting oil revenue streams.

According to a statement from Canada, which currently holds the G7 presidency, the ministers discussed accelerating efforts to utilize frozen Russian assets to support Ukraine’s defense. They also considered broader economic actions, including new sanctions and trade measures such as tariffs on nations enabling Moscow’s war effort.

U.S. Treasury Secretary Scott Bessent urged G7 allies to impose tariffs on countries purchasing Russian oil. In a joint statement with U.S. Trade Representative Jamieson Greer, Bessent emphasized the need for a united front to "cut off the revenues funding Putin’s war machine."

The U.S. also called for “meaningful tariffs” on Chinese and Indian goods to pressure both nations to reduce their Russian oil imports. President Donald Trump recently raised tariffs on Indian goods by an additional 25%, escalating total duties to 50%. However, he has refrained from imposing further tariffs on China, citing sensitive trade negotiations.

Bessent is scheduled to meet Chinese Vice Premier He Lifeng in Madrid to discuss trade tensions, TikTok’s U.S. operations, and anti-money laundering efforts.

Speaking earlier on Fox News, Trump said his patience with Russian President Vladimir Putin is “running out,” though he stopped short of announcing new sanctions. He acknowledged the need for stronger action, especially from European allies, stating, “We’re going to have to come down very, very strong.”

The G7 continues to explore coordinated strategies to disrupt Russia’s wartime economy and reinforce support for Ukraine.

The Finance ministers from the Group of Seven (G7) nations held a call on Friday to explore tougher economic measures against Russia and potential tariffs on countries aiding its war in Ukraine. The meeting, chaired by Canadian Finance Minister François-Philippe Champagne, focused on increasing pressure to halt Russia’s aggression by expanding sanctions and targeting oil revenue streams.

According to a statement from Canada, which currently holds the G7 presidency, the ministers discussed accelerating efforts to utilize frozen Russian assets to support Ukraine’s defense. They also considered broader economic actions, including new sanctions and trade measures such as tariffs on nations enabling Moscow’s war effort.

U.S. Treasury Secretary Scott Bessent urged G7 allies to impose tariffs on countries purchasing Russian oil. In a joint statement with U.S. Trade Representative Jamieson Greer, Bessent emphasized the need for a united front to "cut off the revenues funding Putin’s war machine."

The U.S. also called for “meaningful tariffs” on Chinese and Indian goods to pressure both nations to reduce their Russian oil imports. President Donald Trump recently raised tariffs on Indian goods by an additional 25%, escalating total duties to 50%. However, he has refrained from imposing further tariffs on China, citing sensitive trade negotiations.

Bessent is scheduled to meet Chinese Vice Premier He Lifeng in Madrid to discuss trade tensions, TikTok’s U.S. operations, and anti-money laundering efforts.

Speaking earlier on Fox News, Trump said his patience with Russian President Vladimir Putin is “running out,” though he stopped short of announcing new sanctions. He acknowledged the need for stronger action, especially from European allies, stating, “We’re going to have to come down very, very strong.”

The G7 continues to explore coordinated strategies to disrupt Russia’s wartime economy and reinforce support for Ukraine.