G7 eyeing option of complete ban on Russian oil transportation

G7 eyeing option of complete ban on Russian oil transportation

Member-states of the Group of Seven (G7) are considering an opportunity of introducing the complete ban on services of oil carriage from Russia if its price is not approved by ‘international partners’ according to the foreign ministers statement posted by the UK Foreign Office on Tuesday.

"We remain committed to considering a range of approaches, including options for a comprehensive prohibition of all services that enable transportation of Russian seaborne crude oil and petroleum products globally, unless the oil is purchased at or below a price to be agreed in consultation with international partners," G7 foreign ministers said. "In considering this and other options, we will also consider mitigation mechanisms alongside our restrictive measures to ensure the most vulnerable and impacted countries maintain access to energy markets including from Russia," the ministers noted.

"As we phase out Russian energy from our domestic markets, we will seek to develop solutions that reduce Russian revenues from hydrocarbons, support stability in global energy markets, and minimize negative economic impacts, especially on low-and middle-income countries," the statement reads.

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