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G7 finance ministers announced they will take joint measures to increase pressure on Russia, targeting those who continue to increase purchases of Russian oil and those who facilitate its avoidance.
In a virtual meeting, G7 finance ministers also agreed on the importance of trade measures, including tariffs and import and export bans, in an effort to reduce Russian revenues due to Moscow's invasion of Ukraine.
"We will target those who continue to increase their purchases of Russian oil after the invasion of Ukraine and those who facilitate circumvention. We will take concrete measures to significantly reduce, with the aim of phasing out, our remaining imports from Russia, including hydrocarbons ," the G7 statement said.
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