G7 Agrees to Phase Out Russian Imports, Targets Oil Exports
G7 finance ministers met on April 7, 2023, and agreed on a plan to gradually eliminate all imports from Russia, aiming to fully end these transactions. The group, including the U.S., also discussed increasing pressure on Russia's oil exports. The ministers agreed that trade measures, such as tariffs, are crucial to cut off Russian revenue. U.S. President Donald Trump had previously urged G7 and NATO members to impose tariffs on China and India for their continued purchases of Russian oil. The G7 aims to significantly reduce and eventually phase out their remaining imports from Russia. The G7 finance ministers' decision marks a significant step in the global response to Russia's actions. By gradually reducing and eventually ending imports, the group seeks to limit Russia's revenue and influence.
