G-7 finance chiefs to talk China, India tariffs over Russia oil

Finance ministers from the Group of Seven nations will hold a call on Friday to discuss the possibility of imposing secondary sanctions on India and China over their purchases of Russian oil, according to people familiar with the plan.

They’ll also discuss the potential use of immobilized Russian assets, said one of the people, who spoke on the condition of anonymity.

President Donald Trump has told European officials he’s willing to impose sweeping new tariffs on India and China to push President Vladimir Putin to the negotiating table with Ukraine — but only if nations in Europe do so as well.

Trump made the ask when he called into a meeting with senior US and European Union officials in Washington this week and said the US would be willing to mirror tariffs imposed by Europe on either country, Bloomberg reported earlier.

The proposal poses a challenge given that several nations in the bloc, including Hungary, have blocked more stringent sanctions targeting Russia’s energy sector. Such measures would require the backing of all member states.

Trump’s suggestion comes after his deadline for Putin to hold a bilateral meeting with Ukraine’s Volodymyr Zelenskiy passed without indication that the Russian leader was genuinely interested in engaging in face-to-face peace talks. Instead, Moscow has stepped up its Ukraine bombing campaign.

The Financial Times earlier reported on the Friday call.