The U.S. urged the G-7 to seize $300 billion in frozen Russian assets for Ukraine.
Donald Trump is demanding immediate action from NATO and America’s G-7 allies. In a public message posted on Truth Social, the U.S. President said he’s ready to hit Russia with heavy sanctions, but only if all NATO countries commit fully and stop buying Russian oil.
“NATO’S commitment to WIN has been far less than 100%,” Trump wrote. “The purchase of Russian Oil, by some, has been shocking! It greatly weakens your negotiating position, and bargaining power, over Russia.”
Trump then said he’s also pushing for all NATO members to apply massive tariffs on China, ranging from 50% to 100%, which would only be removed after the war in Ukraine ends. He argued that China has “a strong control, and even grip, over Russia,” and that harsh tariffs would help “break that grip.”
Trump also repeated his claim that the war “would never have started if I was President,” calling the war “Biden’s and Zelenskyy’s,” and saying his only goal now is “to help stop it, and save thousands of Russian and Ukrainian lives.”
Trump isn’t waiting on symbolic gestures. He wants tariffs slapped on India too, for continuing to buy Russian oil. He already doubled tariffs on Indian imports to 50%, but said more could follow if Europe doesn’t match the U.S. response.
During a call with senior U.S. and EU officials this week in Washington, he said the U.S. would mirror any tariffs placed by European allies. But only if they all commit. “I am ready to ‘go’ when you are,” he said in the Truth post. “Just say when?”
The Biden administration was replaced in 2024, and Trump’s return has shifted the U.S. position on Russia’s war in Ukraine. He’s pushing the Group of Seven to approve tariffs as high as 100% on Chinese and Indian goods. That’s not all.
The U.S. is asking G-7 countries to create a legal path to seize $300 billion in frozen Russian sovereign assets, most of which are in Europe. The profits from those funds are already being used to loan money to Ukraine. But Trump’s team now wants to unlock the principal itself and use that money for Ukraine’s defense.
At a finance meeting led by Canada, who currently heads the G-7, U.S. Treasury Secretary Scott Bessent backed Trump’s position. He told the group that they should impose full tariffs on countries buying oil from Russia, and to start exploring ways to use Russian frozen funds for military aid to Kyiv. U.S. Trade Representative Jamieson Greer also supported the move, according to a Treasury statement.
Trump’s new economic push came just after a deadline he set for Vladimir Putin to hold peace talks with Volodymyr Zelenskyy passed. There’s been no signal from Moscow that they’re open to meeting. Instead, Russia escalated its airstrikes, and the Kremlin said negotiations are now on “pause.”
The G-7 proposal also includes secondary sanctions that go far beyond oil. It targets China and India with trade restrictions on both imports and exports.
It aims to block the movement of dual-use tech, crack down on maritime insurance services helping Russia’s oil flows, and hit Rosneft PJSC, Russia’s major oil firm. The U.S. wants to cut off Russia’s shadow fleet, which has helped the country evade past sanctions by shifting oil through unaffiliated vessels.
Additional targets include Russian regional banks and entities tied to Moscow’s military industry. The proposal also pushes for bans on AI and fintech services inside Russia’s Special Economic Zones, aiming to choke off tech tools that could support its war efforts.
Trump hasn’t imposed direct sanctions on Russia yet, despite several missed deadlines and Putin’s refusal to enter negotiations. But he’s ramped up pressure on nations like India with tariffs, and he’s made it clear that unless NATO acts together, “you are just wasting my time, and the time, energy, and money of the United States.”
The European Union is now working on its 19th package of sanctions, with plans to include more Russian banks and the oil trade. But Trump’s demands might complicate things. Hungary has blocked similar energy sanctions before, and EU decisions require full agreement from all member states.
Brent crude oil rose 0.8% after the G-7 proposal came out. The euro dropped to a session low, settling at $1.1734 by the end of Friday’s New York session. Trump ended his message by slamming the ongoing war, citing “7,118 lives lost last week, alone.” He called the war “CRAZY,” and said that if NATO follows his lead, it “will end quickly, and all of those lives will be saved.”
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