G7 Reinforces Russian Oil Price Cap

The G7, under the Japanese presidency, is stepping up restrictions on Russian oil, aimed at limiting evasion and reinforcing the effectiveness of price caps.

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In a recent move, the G7 announced that it would henceforth require shipping service providers to receive attestations from their counterparties each time Russian oil is loaded or unloaded. This follows a series of enforcement proceedings by the EU, US and UK against certain tanker owners and shippers accused of circumventing the price cap mechanism.

Tougher anti-evasion measures

These changes are designed to support the implementation of the oil price cap and disrupt circumvention attempts, by reducing the opportunities for malicious actors to use opaque transportation costs to mask the purchase of oil above the cap.

Targeted American sanctions

The US Treasury Department has announced new sanctions against a Russian ship manager and several oil traders, as part of G7 efforts to limit Russia’s ability to benefit from transport services outside Western suppliers.

Impact on Russian Oil Trade

OFAC’s sanctions target three traders who have increased their share of Russian oil trading since the price cap was introduced. These measures are designed to make it more expensive for Russia to transport its oil, and to increase the cost of trading outside the cap.
The intensification of G7 measures against Russian oil is aimed at strengthening compliance and raising costs for Russia, while maintaining stability on global energy markets.

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