US Proposes G7 Tariffs on China and India Over Russian Oil Purchases

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US Proposes G7 Tariffs on China and India Over Russian Oil Purchases
Photo: AP/TT

The Trump administration will urge its allies in the G7 group – including the EU – to introduce new high punitive tariffs on China and India for their purchases of Russian oil.

The purpose of the tariffs – which are proposed to be 50-100 percent – is to strangle Russian oil exports and thus economically force Russia's President Vladimir Putin to end the war of aggression against the neighboring country Ukraine.

The USA will also urge the G7 countries to create legal prerequisites for seizing Russian assets and using them to finance Ukraine's defense, according to a proposal that the news agency Bloomberg has taken part of.

In total, it can be a matter of Russian assets worth around 300 billion dollars (equivalent to approximately 2,800 billion kronor), most of it in Europe.

A spokesperson for the White House has not confirmed the information, which comes at the same time as the G7 countries have a ministerial meeting under the leadership of the presiding country Canada.

The G7 members are, apart from the USA, Canada, and the EU, also France, Italy, Japan, the United Kingdom, and Germany.

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By TTEnglish edition by Sweden Herald, adapted for local and international readers

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