G7 and EU Plan Full Maritime Ban to Curb Russian Oil Revenue

The G7 and EU are considering replacing the price cap on Russian oil exports with a full maritime services ban to cut Russia's revenue. This ban could be part of upcoming sanctions slated for early 2026. Talks are ongoing in G7 meetings amid geopolitical tensions and economic considerations.

The Group of Seven countries and the European Union are considering a major shift in their strategy to curtail Russia's oil revenue by discussing a full ban on maritime services related to Russian oil exports. Six sources familiar with the matter revealed that this would replace the existing price cap system.

Russia, which exports over a third of its oil using Western tankers to markets including India and China, would face significant disruptions. The proposed ban could be included in the EU's upcoming sanctions package due in early 2026, aligning with a broader G7 consensus.

The discussions unfold as Washington and London push the initiative in ongoing G7 technical meetings, part of wider diplomatic moves amid peace talks. The measure follows nearly total cuts of Russian oil imports by the G7 since 2022, representing a significant tightening of economic screws on Moscow.

(With inputs from agencies.)