The Group of Seven (G7) countries intends to restore control over oil shipments from Russia, seeking to undermine Moscow’s efforts to use a “shadow fleet” of tankers to circumvent international sanctions and deliver its crude to global markets. The statement was made by the head of the Oil Price Ceiling Unit of the Office of Financial Sanctions (OFSI), emphasising the intention of the G7 countries to enforce a price ceiling on Russian oil.
According to information published by Bloomberg, the aim of the Western powers is to deny Russia the ability to transport oil on its own, bypassing Western insurance and financing services and without the use of Western vessels. The decision is aimed at limiting Moscow’s oil revenues, which could be used to finance its military and political ambitions.
The G7 countries are actively working to shape mechanisms that will return the advantage in fuel transport to the countries involved in implementing and enforcing the price ceiling. This includes developing strategies to prevent Russia from using a “shadow fleet” to circumvent sanctions, which involves tightening controls on international maritime transport and strengthening co-operation among G7 countries in the exchange of intelligence and maritime transport information.