G-7 Pledges to Step Up Action on Russia Fleet, Energy, Metals

Group of Seven leaders meeting in Italy this week will pledge to tighten enforcement of their price cap on Russian oil, choke the Kremlin’s future energy projects and reduce Moscow’s revenues from metals, according to a statement seen by Bloomberg.

“We will continue to apply significant pressure on Russian revenues from energy and other commodities,” the statement, which is expected to be published on Friday, says.

G7 Leaders

The G-7 price cap on Russian crude oil and petroleum products bans western shipowners, insurers and intermediaries from providing vessels and services for cargoes priced above the thresholds.

Though the restrictions prompted a pivot away from western insurance and a need for alternatives, Moscow has been able to skirt much of the impact by assembling a fleet of tankers operating in difficult-to-trace jurisdictions and turning to non-western service providers to ship its barrels to new markets such as India.