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ARTICLE · 03 JANUARY 2025

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Our Take: The oil cap, while looking good on paper, has proven difficult to enforce, with Russia increasingly successful at evading the price restrictions by using its cover fleet of tankers.

ChinaEnergy and Natural Resources
Melissa B. Mahle
Melissa B. Mahle
Anni Coonan
Anni Coonan
William Simpson
William Simpson

Global

G7 considers ways to toughen oil sanctions on Russia

G7 nations are discussing ways to toughen the price cap on Russian oil, or replace the mechanism with a full ban on handling Russian crude.

Our Take: The oil cap, while looking good on paper, has proven difficult to enforce, with Russia increasingly successful at evading the price restrictions by using its cover fleet of tankers. G7 countries have taken to sanctioning individual ships, in a whack-a-mole effort. In considering a full ban on handling Russian crude, western traders will be completely forced out of Russian transactions, which could have an impact on global supply. But demand and prices for crude are expected to continue to decline in 2025, so such a move may have only marginal impact on the global energy market. That said, the problem of unsafe tankers will likely grow, increasing risks for port operations at off-loading destinations, principally in China and India.

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