Overview
- Following an Oct. 1 virtual meeting chaired by Canada’s finance minister, the G7 agreed to jointly maximize pressure on Russia’s oil exports by targeting increased buyers and circumvention facilitators.
- Members committed to develop options to use the full value of immobilized Russian sovereign assets to support Ukraine, consistent with their legal frameworks.
- The group plans new restrictive measures across energy, finance, the military‑industrial base and special economic zones, with penalties for enablers and profiteers.
- Finance chiefs endorsed trade tools including tariffs and import/export bans, aiming to significantly reduce and ultimately phase out remaining imports from Russia, including hydrocarbons.
- Ministers will reconvene at the IMF/World Bank Annual Meetings in Washington on Oct. 15 to advance specifics, and the statement named no countries even as reporting notes U.S. pressure focused on buyers such as China and India.