The G7 countries, together with the European Union, are considering the possibility of a complete ban on maritime transport of oil from the Russian Federation. This step is seen as an alternative to the current price cap mechanism, which limits the price of Russian oil supplies.
This is reported by Finway
Alternative to the Price Cap on Russian Oil
Currently, Western companies are allowed to transport oil from Russia only if its price does not exceed the established limit. Initially, the price cap was set at $60 per barrel, but recently the EU, the UK, Canada, and Switzerland lowered this threshold to $47 per barrel. At the same time, the United States did not join the new restrictions.
According to available information, over a third of Russian oil exports are carried out by Western tankers, a significant portion of which are vessels flying the flags of EU countries, including Greece, Cyprus, and Malta.
Possible Sanctions Package in 2026
Three out of six sources familiar with the situation reported that a complete ban on maritime transport could be included in the next EU sanctions package against Russia, which is expected to be adopted in early 2026. Two other sources clarified that the European Union prefers to reach a broader agreement with G7 countries before bringing the issue to its own sanctions package.
“The G7 countries and the European Union are considering the possibility of a complete ban on maritime transport of Russian oil as an alternative to the current price cap mechanism.”