Overview

• The U.S. Treasury told G7 finance ministers it wants high import tariffs on countries purchasing Russian crude to tighten pressure over the war in Ukraine.
• Reporting by the Financial Times says options under discussion include rates of roughly 50–100%, with China and India cited as targets of the highest levels.
• The United States has already imposed a secondary tariff on India for buying Russian oil, and Japanese reports note a 50% additional duty has been applied.
• Japan’s finance minister, Katsunobu Kato, said the G7 meeting discussed support for Ukraine but declined to comment on tariff hikes for China and India.
• President Trump said the United States would move on large-scale sanctions only after all NATO members stop buying Russian oil, and he publicly urged a full embargo.