US EditionThe EU and G7 Are Considering a Complete Ban on Russian Oil Shipments Instead of Implementing Price Caps.
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The EU and G7 are considering a complete ban on Russian oil shipments instead of implementing price caps.
Discussions are underway regarding the replacement of price caps with a complete prohibition on maritime exports of Russian oil. Currently, over one-third of Russia’s oil exports – primarily destined for India and China – are transported by Western tankers utilizing Western shipping services. Such a ban would terminate this trade, which involves companies from EU member states such as Greece, Cyprus, and Malta. The remainder of Russian oil expor…
The G7 countries and the European Union hold discussions to replace the Russian oil price ceiling with a complete ban on export-based maritime services, in an attempt to reduce the revenues of the Russian war in Ukraine, they have declared to Reuters six sources familiar with the negotiations.
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