The United States is pressing its Group of Seven partners to levy tariffs of up to 100 percent on imports of Russian oil from China and India, aiming to increase pressure on President Vladimir Putin to end the war in Ukraine, according to a US proposal seen by Bloomberg.

Speaking on Fox News on Friday, President Donald Trump said his patience with Putin was “running out fast” and warned of a broad economic crackdown. “It’ll be hitting very hard with sanctions on banks and measures related to oil and tariffs,” he said.

The US plan also recommends that G-7 nations create a legal framework to seize immobilized Russian sovereign assets, with the option to use the proceeds to support Ukraine’s defence. Most of the roughly $300 billion of frozen Russian assets are held in Europe.

Following the Bloomberg report, Brent crude futures rose, briefly reaching a session high. The euro weakened to $1.1703 early in New York trading. The White House had not immediately commented on the proposals.

US officials have privately discussed with European counterparts the gradual seizure of frozen Russian assets to encourage Moscow into negotiations, according to sources familiar with the matter. Currently, profits from these assets are being channelled into loans for Ukraine.

Canada, holding the G-7 presidency, convened finance ministers on Friday to consider “further measures to increase pressure on Russia and limit their war machinery,” the government said.

The proposal calls for secondary tariffs ranging from 50 percent to 100 percent on China and India, alongside restrictive trade measures on imports and exports to curb Russian energy flows and prevent the transfer of dual-use technologies. Implementing such measures faces obstacles, as some EU countries, including Hungary, have blocked more stringent energy sanctions on Russia, which require unanimous support.

Trump has indicated to European officials that the US is prepared to match any tariffs imposed on India and China to push Putin toward negotiations — contingent on Europe acting in concert. Bloomberg previously reported that the president made the proposal during a call with senior US and European Union officials in Washington.