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 MeetingsshinWashington 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.