12/18/2023

U.S. Seeks to Claw Back Russian Oil Trade

They could do this under the G7 price cap

The United States will push shippers to disclose more information about their Russian oil dealings in a bid to enforce sanctions, U.S. officials said on Monday, while acknowledging that a big chunk of the trade has already escaped Western oversight after Russia built a parallel fleet.

The Group of Seven countries (G7) agreed a price for Russian crude in December last year, which bans Western companies from providing maritime services including financing, insurance and shipping for oil sold above $60 per barrel.

"A significant amount of (Russian) oil can in fact flow outside the G7," one of the officials said.

Please select this link to read the complete article from Reuters.