Overview

• U.S. Treasury officials said they urged G7 finance ministers on Sept. 12 to raise tariffs on countries purchasing Russian crude.
• A Financial Times report described a proposal under discussion to set duties at roughly 50–100% for buyers including China and India.
• Japan’s finance minister, Katsunobu Kato, said the meeting addressed steps toward peace for Ukraine and declined to comment on tariff hikes.
• Treasury Secretary Besent and USTR representative Glia said only a united effort can apply sufficient economic pressure to help end the killings in Ukraine.
• The administration has already imposed a secondary tariff on India’s purchases of Russian oil and called on G7 partners to join the approach.