G7 Plan to Block Russian Oil Tankers: Effectiveness and Challenges

The Group of Seven nations and the European Union are contemplating a new strategy to block Russian oil tankers, aiming to further curtail Moscows oil revenue funding its war in Ukraine. This proposed ban, set to take effect by early 2026, would replace the current price cap system. Russia has been circumventing Western sanctions using a shadow fleet of tankers, with only 38% of Russian crude oil exports shipped on G7-compliant tankers in October. The market for Russian crude is heavily concentrated, with over 90% of seaborne exports going to China, India, and Turkey. The success of this new G7 proposal depends on strong enforcement, including increased vessel inspections and detentions in key maritime coastal states.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.