Overview

• During a Friday call, Treasury Secretary Scott Bessent and USTR Jamieson Greer urged G7 partners to target countries purchasing Russian crude, explicitly naming India and China.
• A U.S. Treasury spokesperson called for “meaningful tariffs” on Chinese and Indian goods to pressure both governments over continued Russian oil imports.
• The United States has already doubled duties on Indian imports to 50%, a move that has stalled bilateral trade talks.
• G7 finance ministers, chaired by Canada’s François-Philippe Champagne, reviewed further sanctions and trade steps and discussed using frozen Russian assets to support Ukraine’s defense.
• India says its Russian crude purchases serve energy security and affordability, while Washington has not matched penalties on China as Bessent plans talks in Madrid with Vice Premier He Lifeng.