Tougher sanctions are being prepared: G7 records violation of price restrictions on Russian oil

The Group of Seven (G7) countries will make even more efforts to prevent Russia from evading international sanctions related to its aggression against Ukraine. In particular, the world's leading economies will increase pressure on Russia's "shadow fleet."

This is stated in a joint communiqué of the G7 finance ministers and central bank governors, released following the meeting on October 26. They noted that the sanctions imposed on Russia have already:

• limited its ability to finance the military actions in Ukraine by increasing procurement costs;
• further isolated the Russian economy;
• imposed real costs on Russian citizens and businesses that support the aggression.

"We are committed to disrupting Russia's ability to evade sanctions and purchase dual-use goods for use on the battlefield, including in cooperation with third countries. Restricting oil prices has been successful in maintaining stability in energy markets while reducing Russia's revenues," the ministers said in a statement.

Against this backdrop, the G7 expressed their commitment to taking further steps in response to the violation of oil price restrictions. They did not specify what steps would be taken.

"We intend to intensify our efforts to prevent financial institutions from supporting Russia's evasion of our sanctions, especially in third countries," the communiqué said.

The finance ministers also said they would take additional measures aimed at "increasing the costs to Russia of using a shadow fleet to circumvent sanctions." Officials allege that Russia has been using its fleet of shadow tankers, many of which are old, unmarked, and poorly maintained, to circumvent sanctions by transporting oil without properly declaring cargo or routes.

The G7 countries, the European Union, and Australia spoke about putting pressure on Russian oil buyers not to exceed a certain price ceiling as early as December 2022. However, some countries, including China, continue to import Russian oil without complying with the restrictions.

Earlier, OBOZ.UA reported that Russia increased its shadow fleet of oil tankers by 70% over the year, which allows it to circumvent sanctions and keep oil exports at a high level. Lack of proper insurance and old ships increase the risk of environmental disasters for European countries.

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