The U.S. will urge its allies in the Group of Seven to impose tariffs as high as 100% on China and India for their purchases of Russian oil in an effort to convince President Vladimir Putin to end his war in Ukraine.
U.S. President Donald Trump said on Friday that his patience with Putin was "running out fast” and threatened new economic sanctions. "It’ll be hitting very hard on with sanctions to banks and having to do with oil and tariffs also,” he said in an interview on Fox News.
The U.S. will also tell the G7 countries they should create a legal pathway to seize immobilized sovereign Russian assets and consider seizing or using the principle of those assets to fund Ukraine’s defense, according to a U.S. proposal seen by Bloomberg. The vast majority of the about $300 billion of Moscow’s immobilized assets are in Europe.
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