The Group of Seven nations and the European Union are considering replacing a price cap on Russian oil exports with a complete ban on maritime services, aiming to curb the revenue that fuels Russia's war in Ukraine.

Source: Reuters, citing six sources familiar with the matter

Details: Russia exports more than a third of its oil via Western tankers, mainly to India and China, using Western shipping services. A ban would end this trade, which is largely carried out by fleets of EU maritime countries, including Greece, Cyprus and Malta.

The remaining two-thirds of Russian oil exports are carried by the shadow fleet, which Russia would need to expand if the G7 and EU impose a ban on maritime services.

The ban could be part of the EU's next sanctions package against Russia, planned for early 2026, three of the six sources told Reuters.

All 27 EU countries would like to approve the ban together with a broader G7 agreement before including it in the package, two of the six sources said.

Quote: "British and American officials are pushing forward the idea in technical G7 meetings, the sources said. Any final US decision would depend on the pressure tactics President Donald Trump's administration chooses amid ongoing peace talks it is brokering between Ukraine and Russia, four sources said."

Details: Although the G7 and EU have almost completely stopped importing Russian oil since 2022, the new measure would come closest to a full ban on trade in Russian oil and fuels, not just at the import level but also in terms of shipping and maritime services.

Background: On 4 December, the Trump administration allowed transactions with Lukoil gas stations outside Russia by issuing a general licence valid until 29 April 2026.

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