The G7 countries are developing new measures to impose strict restrictions on oil exports from the Russian Federation. According to estimates, these actions could reduce Moscow’s annual oil revenues by about $80 billion, which could significantly impact the financing of the Kremlin’s military expenditures.
This is reported by Finway
The Need for International Coordination
However, experts warn that the effectiveness of these restrictions depends on coordinated actions from other oil-producing countries. If the shortage of Russian oil in the global market is not compensated by increased production from Gulf countries or other players, a rise in global oil prices is expected. This could negatively affect Western economies and even allow Moscow to maintain or increase its revenues due to price factors, despite a decrease in export volumes.
“The G7 needs to persuade other producers, especially in the Gulf, to increase the extraction of ‘black gold,’ as well as convince Moscow’s main clients, particularly India, to buy less Russian oil.”
New Proposals for Pressuring Russia
In addition to export restrictions, Western politicians advocate for increasing pressure on the immediate circle of power in Russia. Lord Don Touhig, Vice President of the Parliamentary Assembly of the Council of Europe, stated the need to confiscate the personal assets of Russian oligarchs who support the Kremlin. In his opinion, the seized funds should be directed towards the reconstruction of Ukraine. For this, according to the official, decisive political will and responsible actions from governments are needed, aimed at both state and personal assets of individuals involved in the war against Ukraine.