Highlights – Are 7 western countries conspiring against India ? Questions arise – is it the effect of Trump’s outburst or is there some other reason ?…
The G7, a group of 7 western countries, is preparing for major action regarding the purchase of Russian oil.
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It is reported that the group is planning to target countries that are increasing their oil purchases from Russia. Notably, India and China are major buyers of Russian oil.
At the same time, India has made it clear that the US and the European Union are targeting it.
On Wednesday, the G7 announced that joint steps will be taken to pressure Russia. The group’s finance minister stated that efforts are underway to reduce Russia’s revenue due to the invasion of Ukraine.
Trade-related measures such as tariffs and import and export bans were also discussed during the meeting of member countries. According to the joint statement, “We will target those who continue to increase their purchases of Russian oil since the invasion of Ukraine.”
Trump initiated the move.
In September, the US urged G7 countries to impose tariffs on countries that purchase oil from Russia.
The US stressed that only a unified effort could cut off the source of funding for Moscow’s war machine.
The US also stated that only this could exert sufficient pressure on Russia to stop its “senseless killing.”
The G7 is an intergovernmental group of wealthy, industrialized nations, including the US, Canada, France, Germany, Italy, Japan, and the UK. Canada holds the G7 presidency this year.
No higher tariffs imposed on China
US President Donald Trump has imposed a total of 50 percent tariffs on India, compared to 30 percent for China.
Trump had previously announced a 25 percent tariff against India and imposed penalties for purchasing Russian oil.
He later announced an additional 25 percent tariff. He has also personally targeted India over Russian oil.
