G7 prepares new measures against Russian shadow fleet – Bloomberg

Participants of the G7 conference will pledge to strengthen the enforcement of the oil price ceiling, as well as measures to oppose Russia's new energy projects and metal exports.

Source: Bloomberg

Quote: "We will continue to apply significant pressure on Russian revenues from energy and other commodities," it said in a statement expected to be released on Friday.

The G7 price ceiling on Russian oil and petroleum products prevents Western shipowners, insurers, and intermediaries from supplying ships and services for cargo above a certain price cap.

Although the restrictions necessitated the abandonment of Western insurance and the search for alternatives, Moscow was able to avoid many of the consequences by assembling a fleet of tankers operating in difficult-to-track jurisdictions and relying on non-Western service providers to transport its barrels to new markets such as India.

The US, the UK, and the EU have lately begun to impose penalties on vessels participating in these shipments.

"The G7 will take steps, including sanctions and innovative enforcement activities leveraging respective geographies, to combat Russia’s use of deceptive alternative shipping practices to circumvent our sanctions by way of its shadow fleet," the statement said.

G7 leaders will also commit to do more to hamper "development of future energy projects and disrupting access to the goods and services on which those projects rely," as well as to continue reducing Russia's metals profits.

Earlier, the UK announced the expansion of the sanctions list by 50 positions, including "ships in Putin’s shadow fleet, institutions at the heart of Russia’s financial system and suppliers supporting Russia’s military production…".

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