The US will urge the G7 to impose harsh tariffs on China and India as punishment for buying Russian oil.
The pair are the biggest buyers of Russian fuel exports, and import at discounted prices because other major economies have largely cut Moscow off following the 2022 invasion of Ukraine.
US President Donald Trump hopes the pressure will force Moscow to join Ukraine peace talks: Washington has already boosted its own levies on Indian imports to 50%, and had earlier suggested the EU place duties of up to 100% on the world’s two most populous nations. But his efforts look unlikely to make headway. Top European officials are in New Delhi this week to discuss expanding, rather than curtailing, trade with India.
A chart showing Russian crude oil exports by destination country.
