The United States sharpened its economic offensive against Russia on Friday by pressing its closest allies to match Washington’s aggressive tariff measures. In a call with finance ministers of the Group of Seven (G7), Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer argued that a unified approach — particularly one that targeted revenues from Russian oil — was essential to choking off Moscow’s war machine.
According to a joint statement following the virtual meeting, Bessent and Greer warned that “only with a unified effort that cuts off the revenues funding Putin's war machine at the source will we be able to apply sufficient economic pressure to end the senseless killing.” The session, chaired by Canadian Finance Minister François-Philippe Champagne, focused on new sanctions, additional trade restrictions, and options for deploying frozen Russian assets in support of Ukraine. Ottawa, which currently holds the G7 presidency, stressed that members were committed to both tightening pressure on Moscow and ensuring Ukraine’s long-term economic stability.
A sharper edge to Washington’s position emerged when the Treasury publicly demanded “meaningful tariffs” on Chinese and Indian goods. U.S. officials argue that Beijing and New Delhi, by continuing to import discounted Russian crude, are effectively sustaining Putin’s war effort. “Chinese and Indian purchases of Russian oil are funding Putin’s war machine,” a Treasury spokesperson declared, adding that tariffs “will be rescinded the day the war ends.”
President Donald Trump has already raised tariffs on Indian imports by an additional 25%, bringing total punitive duties to 50% in an attempt to undercut India’s purchases of Russian oil. He admitted in a Fox News interview that the move risks a diplomatic rift with New Delhi, calling it “not an easy thing to do,” but insisted that “India was their biggest customer” and that the measure was unavoidable to squeeze Moscow’s revenues. Notably, Trump has so far refrained from imposing new tariffs on China, citing the need to maintain a fragile trade truce with Beijing.
The escalation highlights a strain in U.S.-India relations, with the tariff hike complicating ongoing trade talks. At the same time, Trump expressed frustration over Russian President Vladimir Putin’s refusal to end the conflict, warning that Washington may need to impose “very, very strong” measures, possibly including broader sanctions on Russian banks and oil exports. He also underlined that such steps would require Europe’s full participation to be effective.
Meanwhile, Secretary Bessent is preparing for follow-up talks in Madrid with Chinese Vice Premier He Lifeng, where discussions will cover bilateral trade frictions, Washington’s demand for TikTok’s U.S. divestment, and anti-money laundering cooperation.
This latest push for a global tariff front reflects Washington’s belief that Russia’s war effort can only be weakened if its primary oil customers — particularly India and China — are pressured into compliance, even at the cost of straining critical economic and diplomatic relationships.
