G7, EU countries considering complete ban on oil transportation from Russia instead of price cap – media

The G7 countries and the European Union are negotiating to replace the price cap on Russian oil exports with a complete ban on maritime transportation, Reuters reports, citing six sources familiar with the situation.

Currently, Western companies cannot provide tankers and related services for the transportation of Russian oil if its price exceeds the established ceiling. It was initially set by the G7 and the EU at $60 per barrel, but was recently lowered by the European Union, Great Britain, Canada and Switzerland to $47 per barrel; the United States did not join this measure.

According to Reuters, Russia exports more than a third of its oil by Western tankers, mostly using the fleet of EU countries, including Greece, Cyprus and Malta.

Three of the six sources told Reuters that the ban could be part of the next EU sanctions package against Russia, planned for early 2026. Two of the six sources said that the 27-nation EU would like to approve the ban along with a broader agreement with the G7 before proposing a ban as part of the package.