G7 to take new steps to curb Russian sanctions evasion
Finance ministers of G7 nations say they are responding to purchasers of Russian oil, including China, who do not respect a price cap
Finance ministers of the G7 nations vowed Saturday to step up efforts to prevent Russia from evading sanctions imposed after its invasion of Ukraine.
“We remain committed to taking further initiatives in response to oil price cap violations,” the group said in a statement following a meeting in Washington. Those further steps were not spelled out in detail.
In December 2022, the G7 together with the European Union and Australia agreed to pressure purchasers of Russian oil to not go above a certain price ceiling.
The agreement was intended to limit Russian petroleum sales and revenues without curbing exports so sharply that it would cause global oil prices to soar.
But some countries, notably China, have continued to import Russian crude oil without observing the price ceiling.
The G7 finance ministers also said they would take additional measures aimed at “increasing the costs to Russia of using the shadow fleet to evade sanctions.”
Officials say Russia has used its fleet of shadow tankers, many of them old, unmarked and poorly maintained, to skirt sanctions by transporting oil without properly declaring their cargo or itineraries.
