Washington is pleading its G-7 allies to impose tariffs up to 100% on China and India for buying Russian oil, as the United States of America (USA) looks to pressure President Vladimir Putin to end the war in Ukraine, Bloomberg reports.The proposal also calls on G-7 members to establish a legal pathway to seize immobilised Russian sovereign assets, or to use their principal value to fund Ukraine’s defence. Around $300 billion of Russia’s frozen central bank assets remain immobilised, most of them in Europe. Currently, profits from these assets are being directed toward loans for Ukraine.
Senior US officials have held discussions with European counterparts the thought of gradually seizing Russia’s frozen assets outright to boost their leverage on Moscow. The US plan suggests levying secondary tariffs of 50%-100% on China and India. The objectives of this proposal are to restrict trade and limit the sales of Russian energy.
Canada holds the current presidency of G-7, and it convened a meeting of the group’s finance ministers on Friday to discuss the possible additional measures against Moscow.President Donald Trump has separately told European officials he is prepared to impose sweeping new tariffs on China and India over their ties to Russia, but only if European nations take similar steps. Trump made the remarks in a recent call with senior US and EU officials in Washington.
Senior US officials have held discussions with European counterparts the thought of gradually seizing Russia’s frozen assets outright to boost their leverage on Moscow. The US plan suggests levying secondary tariffs of 50%-100% on China and India. The objectives of this proposal are to restrict trade and limit the sales of Russian energy.
Canada holds the current presidency of G-7, and it convened a meeting of the group’s finance ministers on Friday to discuss the possible additional measures against Moscow.President Donald Trump has separately told European officials he is prepared to impose sweeping new tariffs on China and India over their ties to Russia, but only if European nations take similar steps. Trump made the remarks in a recent call with senior US and EU officials in Washington.
