G7: Now is the time to maximize pressure on Russian oil exports

The G7 finance ministers agreed to take joint measures to increase pressure on Russia to end its brutal war against Ukraine. In particular, this includes increasing pressure on buyers of Russian oil. The G7 issued the following statement after an online meeting on October 1.

"Russia's continued escalatory actions, including violations of NATO airspace, increased attacks on civilians and damage to government and diplomatic buildings in Ukraine, are unacceptable and undermine efforts to achieve peace," the statement said.

The G7 believes that now is the time for a significant coordinated escalation of measures to strengthen Ukraine's resilience and critically reduce Russia's ability to wage war.

"We are developing a wide range of options to meet Ukraine's financial needs and to ensure that Russia cannot wait <…> We agreed that now is the time to maximize pressure on Russian oil exports, which are their main source of revenue. We will target those who continue to increase their purchases of Russian oil after the invasion of Ukraine and those who facilitate the circumvention of the ban," the finance ministers said .

They agreed on the need for duties and a ban on imports/exports of Russian oil to reduce Russia's revenues.

"We will take concrete steps to significantly reduce, with the goal of phasing out, the remainder of our imports from Russia, including hydrocarbon imports. We are also seriously considering trade measures and other restrictions on countries and organizations that help finance Russia's war effort, including refined products derived from Russian oil," the statement said .

• on September 23, Ursula von der Leyen said that the European Union was going to stop imports of Russian oil to Hungary and Slovakia by imposing duties.
• During his meeting with Zelenskyy at the UN General Assembly, Trump said he might ask Orban to stop buying Russian oil. Trump also rebuked Erdogan for buying oil from Russia.
• Szijjártó replied that Hungary would not stop buying Russian oil even if Trump asked for it. Orban says it would be a "disaster" for the country's economy.