The West's High-Stakes Battle Over Russian Oil Sanctions

The G7 plans to implement a maritime services ban on Russian oil, intensifying economic pressure on Moscow amidst sanctions evasion. The initiative aims to curtail Russia's oil revenues and global influence while navigating strategic alliances with countries like India and China. Enforcement remains crucial amidst geopolitical complexities.

The Group of Seven (G7) nations are proposing a comprehensive ban on maritime services for the transportation of Russian oil, escalating economic tensions with Moscow. The move is aimed at tightening sanctions and curbing the oil revenue crucial to Russia's military efforts in Ukraine.

Russian President Vladimir Putin, meanwhile, bolsters alliances with India and China, putting the G7's strategies at potential risk. The planned maritime services ban, set to commence by 2026, would surpass the existing G7 price cap introduced in 2022. Current conditions allow for Russian oil sales under specific pricing to access Western shipping and insurance services.

Despite the G7's intentions, Russian oil exports continue, largely facilitated through 'shadow fleet' tankers circumventing Western sanctions. Analysts express skepticism about the effectiveness of the new measures, pointing to the resilience of Russian production and sales strategies, particularly in the Asian markets of China, India, and Turkey.

(With inputs from agencies.)