America tells G7 to punish India and China with tariffs for buying Russian oil

The United States is pushing its G7 allies to slap tariffs on countries buying Russian oil — with India squarely in the crosshairs.

During a Friday call among G7 finance ministers, U.S. Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer urged partner nations to impose penalties on nations that continue energy trade with Moscow. 

In a joint statement, the U.S. officials argued that only “a unified effort” cutting off Russian revenue could force an end to the war in Ukraine.

A U.S. Treasury spokesperson went further, calling for “meaningful tariffs” specifically targeting Chinese and Indian goods.

India has ramped up purchases of discounted Russian crude since 2022, a move that has helped stabilize global energy markets but angered Washington. President Donald Trump responded by doubling tariffs on Indian imports to 50%, effectively stalling ongoing trade negotiations between the two democracies.

While Trump has spared China from similar penalties — citing ongoing trade talks with Beijing — the disparity has drawn criticism. Indian officials have yet to comment on the latest escalation.

The G7 meeting, chaired by Canadian Finance Minister Francois-Philippe Champagne, also explored using frozen Russian assets to fund Ukraine’s defense and considered broader economic measures, including new sanctions.

Bessent is set to continue trade talks in Madrid with Chinese Vice Premier He Lifeng, where TikTok’s U.S. divestment and money laundering concerns are also on the agenda.

Trump, speaking to Fox News earlier Friday, said his patience with Russian President Vladimir Putin was “running out,” though he stopped short of announcing fresh sanctions. He hinted that tougher actions on Russian banks and oil could be next, but called for coordinated steps with European allies.