G7 and EU discuss maritime embargo on Russian oil

The G7 countries and the European Union are negotiating a complete ban on the seaborne transport of Russian oil , which could replace the current price cap mechanism.

Reuters reports this.

According to the agency, the new sanctions initiative is aimed at sharply reducing Russia’s oil revenues, which continue to finance the war in Ukraine. Reuters notes that more than a third of Russian oil is currently exported using tankers owned by Western companies , including from Greece, Cyprus and Malta, and mainly goes to India and China. A complete maritime embargo could effectively stop this part of the trade.

The other two-thirds of Russia’s exports are carried by the so-called “shadow fleet” – hundreds of old, often unregulated tankers. If the West adopts a new restriction, Russia will have to significantly expand its shadow fleet to maintain supply volumes.

Three sources told the agency that the maritime ban could be included in the next EU sanctions package , which is planned to be implemented in early 2026. At the same time, Brussels is seeking to agree on a solution in the broader G7 format before moving forward at the European Union level.

According to Reuters, the idea is being more actively promoted by representatives of the United States and Great Britain. However, Washington’s final position will depend on what pressure strategy the Donald Trump administration chooses in the context of ongoing negotiations to end the war in Ukraine.

It was previously reported that the European Union and the United States are working on further strengthening sanctions against Russia and joint actions against its so-called “shadow fleet.”

Recall that China has begun to form its own “shadow fleet” of gas tankers, which will allow the country to import Russian liquefied gas, which is under US sanctions.

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