On October 16, 2025, the finance ministers of the Group of Seven (G7) leading industrial nations held discussions on China’s controls over the export of rare earth minerals, and approaches to enhance the effectiveness of limiting Russia’s oil exports and revenues in order to pressure Russia to end the war with Ukraine.
After the meeting, Katsunobu Kato, Japan’s Finance Minister, stated that he had expressed deep concern regarding China’s export restriction measures and emphasized the need for G7 member states to cooperate in responding to China’s latest actions.
According to Kyodo News, the meeting was held alongside the annual Autumn Meeting of the International Monetary Fund (IMF) and the World Bank, with G7 members including the United States, Canada, the United Kingdom, France, Germany, Italy, and Japan.
During an online meeting at the beginning of October 2025, the G7 finance ministers had issued a joint statement saying it is now time to increase maximum pressure on Russia’s oil exports, which remain the main revenue source for the Russian government.
Scott Bessent, US Secretary of the Treasury, stated to the media ahead of the G7 meeting that the US government is ready to impose a Russian oil tariff or a Ukrainian victory tariff on imported goods from China, and called on European allies to take similar action.
Bessent further stated that China purchases up to 60% of Russia’s oil and energy, questioning who is truly fueling Russia’s war machine. He also added that the US is preparing to release photographs provided by the Ukrainian government, revealing that Chinese parts are critical components in Russian drones that have been deployed in the Ukraine battlefield.
