EU, allies look to strengthen Russian oil price cap, EU Commission says

The European Union and 12 partner countries have met in Brussels to discuss the effectiveness of Western sanctions on Russia and ways to strengthen the G7 price cap on Russian oil, the EU Commission said on Tuesday.

The Group of Seven countries (G7), in coordination with the EU, imposed a price cap in late 2022 that blocked access to Western shipping services and insurance if the oil was purchased at over $60 a barrel, aiming to reduce Moscow's ability to finance its war in Ukraine.

The effectiveness of the measure has waned since the end of last year as Russia built up a shadow fleet of hundreds of tankers, mostly old ones at a higher risk of accidents.

Western powers, including the EU, began sanctioning vessels directly over the last year in an effort to push the trade back under the cap.

EU sanctions envoy David O'Sullivan led the meetings.

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