The European Union and the G7 are preparing a complete ban on maritime transport of Russian oil.
The European Union and the Group of Seven countries are discussing a significant tightening of sanctions against Russian oil. The discussion revolves around a complete ban on the provision of any services related to the maritime transportation of Russian oil, Reuters reports, citing six sources familiar with the project.
The new sanctions are intended to replace the existing "price cap" mechanism, which has been in effect since the end of 2022. The project is being considered as part of a new sanctions package expected in early 2026.
Currently, Western tankers and insurance companies can participate in the transportation of Russian oil if it is sold below the set limit (previously $60, now about $47.6 per barrel). Approximately one-third of Russian oil is transported by vessels from EU and G7 countries, predominantly Greek ones.
The planned ban should completely stop this practice. According to Reuters, the European Union already has the support of the UK and the US in this, but the final decision of the Donald Trump administration will depend on its policy on the Ukrainian issue.
According to CREA, in October, 38% of Russian oil was transported by G7 tankers, the rest by the so-called "shadow fleet" that Russia assembled to circumvent sanctions. The participation of Western vessels in the transportation of petroleum products is even greater, at about 79%.
In total, the "shadow fleet," which transports not only Russian oil but also oil from Iran and Venezuela, includes more than 1,400 tankers, of which 921 are already under sanctions from the US, UK, or EU.
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