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G7 and EU Consider New Ban on Maritime Services to Hit Russian Oil Revenues
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The Group of Seven (G7) nations and the European Union (EU) are in discussions to replace the existing price cap on Russian oil exports with a sweeping ban on maritime services, six sources with direct knowledge of the talks told Reuters on December 5.
The move aims to significantly reduce the oil revenue that continues to fuel Russia’s war effort in Ukraine.
Russia currently relies on Western-owned tankers and services—largely from EU countries such as Greece, Cyprus, and Malta—to export a significant portion of its oil to markets like India and China. The proposed ban would aim to halt this trade by restricting access to those maritime services.
If implemented, the measure could lead Russia to expand its so-called “shadow fleet”—a group of older vessels that operate without Western oversight or insurance. These tankers are already being used to move oil to non-Western buyers, especially in Asia.
Three of the sources said the maritime services ban might be part of the EU’s next sanctions package, expected in early 2026. Officials are aiming to align the move with a broader G7 consensus, which is still under discussion in technical meetings. US and UK representatives are said to be supporting the idea.
The final US position may depend on the approach taken by President Donald Trump’s administration, which is currently involved in peace negotiations between Ukraine and Russia, according to four sources.
Since 2022, the G7 and EU have largely stopped importing Russian oil, instead enforcing a price cap that allows third countries to use Western services only if they pay below a certain threshold. In response, Russia has increased its use of its own or non-Western vessels.
According to recent analysis, about 44% of Russia’s oil exports in October were carried by tankers under sanctions. Another 18% used non-sanctioned but opaque vessels, while ships linked to the G7, EU, and Australia handled the remaining 38%.
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Maritime data from Lloyd’s List Intelligence indicates that 1,423 tankers are involved in sanctioned oil transport from Russia, Iran, and Venezuela, with 921 of those subject to Western sanctions.
Earlier, it was reported that French marines opened fire on unidentified drones spotted flying over the Île Longue naval base—the secure Atlantic hub where France houses and services its ballistic missile nuclear submarines.
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