The Ministers of Finance of the Great Seven countries (G7) said that they would take measures against countries that continue to increase Russian oil procurement after invasion of Ukraine.
Canada’s Ministry of Finance published a joint statement adopted by the results of the G7 Finance Ministers. In order to end the war against Ukraine and support the efforts of Ukraine on self -defense.
The document emphasizes that Russia’s actions leading to the escalation of tension are unacceptable and cause damage to the efforts to establish peace, and it is also reminded that the sanctions imposed to the present led to a reduction in Russian income.
according to the authors of the application, The time has come for the adoption of important and coordinated measures for a serious weakening of Russia’s ability to wage a war against Ukraine, and in this connection various options are being developed.
“We will aim at those who continue to increase the purchases of Russian oil from the moment of the occupation of Ukraine, and those who contribute to the bypass of these sanctions”. Russia’s income reached an agreement on the importance of trade measures, including customs duties and prohibitions on import/export.
will be taken specific measures with the aim of significant reduction and gradual termination of imports from Russia, including hydrocarbons. The statement also states: “In addition, we seriously consider the possibility of introducing trade measures and other restrictions on countries and organizations financing the military operations of Russia at the expense of oil products obtained from Russian oil.”
emphasizes that these measures will increase pressure on Russia through coordinated economic and financial measures. Close cooperation with international partners, and it is noted that at the annual meetings of the IMF and the World Bank, which will take place this month in Washington, it is planned to advance efforts in these areas, including measures in relation to countries that support military operations of Russia.