Media: EU And G7 Want To Cut Russia's Oil Revenues In A New Way
- 5.12.2025, 21:25
Details.
The European Union and G7 countries are in talks to replace a "ceiling" on Russian oil prices with a total ban on Russian access to maritime services to reduce energy revenues that allow the Kremlin to finance its war against Ukraine.
The Reuters from six informed sources.
The ban could be part of the EU's next package of sanctions against Russia, scheduled for early 2026, three of the six sources told the agency.
The 27 EU countries would like to approve the ban along with a broader G7 agreement before proposing it as a package, the publication noted.
The interlocutors said British and U.S. officials are pushing the idea at G7 technical meetings.
At the same time, the final decision will depend on the pressure tactics that President Donald Trump's administration chooses amid the peace talks it is conducting between Ukraine and Russia, the four sources said.
Although the G7 and the EU have all but stopped importing Russian oil since 2022, the new measure would be the closest to a complete ban on Russian oil trade not only at the import level, but also at the level of transportation and maritime services.
Russia exports more than a third of its oil by tanker - mostly to India and China - using Western maritime services. The ban would put an end to this trade, which is mostly carried out using fleets of EU maritime countries including Greece, Cyprus and Malta.
The G7 group set limits on the price of Russian oil in 2022 after Russia invaded Ukraine to limit the Kremlin's revenues while allowing third countries to buy Russian oil using Western services, but only if the buyers pay Russia less than a set price cap.
To circumvent the restrictions, Russia has diverted much of its oil to Asia on its own ships, many of which have since been sanctioned by the West. Those ships are old, their owners are unknown and they sail without Western insurance.
The administration of former U.S. President Joe Biden argued that if Russia spent more money on tankers, it would have less money for war.
The Trump administration was more skeptical of the price "ceiling" and refused to back Britain, the EU and Canada when they agreed to lower restrictions on crude from $60 a barrel to $47.6 a barrel in September 2025.