Overview

• Meeting virtually on Oct. 1, the ministers committed to develop options that could leverage the full value of immobilized Russian sovereign assets held in G7 jurisdictions.
• They outlined plans for new restrictive measures on key sectors and supporters of Russia’s economy, including energy, finance, the military industrial base, special economic zones, and enablers.
• The group said it will intensify pressure on Russian oil revenues by targeting buyers that have increased purchases since the invasion and actors facilitating circumvention.
• Trade steps under consideration include tariffs and import/export bans, with a goal of significantly reducing and ultimately phasing out remaining imports from Russia, including hydrocarbons.
• Actions will be crafted within each country’s legal framework and advanced at the Oct. 15 IMF–World Bank meetings, as media also note U.S. calls for tariffs on major buyers such as India and China that the G7 statement did not name.