The Group of Seven (G7) and its allies are working to disrupt Russia’s covert fleet of oil vessels, which the country has been using to bypass sanctions. The move is part of a broader strategy to limit Russia’s ability to trade its crude oil.
What Happened: A senior official from the UK Office of Financial Sanctions Implementation, Olga Dimitrescu, explained in a podcast interview with NorthStandard that the G7 and its partners are taking steps to reduce Russia’s clandestine fleet of oil tankers. This initiative is aimed at curbing Russia’s ability to evade sanctions, reported Business Insider.
The Western coalition is working with governments to enforce the $60 oil price cap, which was introduced in 2022 to limit Russia’s crude export revenue. Dimitrescu explained that the G7 wants to redirect oil volumes back into its fleet, as the price cap relies heavily on services provided by G7 service providers.
The ownership of Russia’s secretive fleet is difficult to trace, allowing the country to trade oil without depending on Western insurance and tankers. However, the financial burden of maintaining this fleet is significant for the Kremlin, …
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