The proposals could limit Russia’s access to tankers
G7 targets Russian access to tanker insurance
Group wants to cut Moscow’s hydrocarbon revenues, but even the most stringent sanctions have their limits out at sea
The G7 group of industrialised nations wants to use the shipping market’s insurance providers to reduce Russia’s oil and gas revenues. But while the proposals would limit Russia’s access to tankers, Moscow will likely be able to find ways around the restrictions. A leaders’ communique states that the G7 is considering “a range of approaches” for oil, “including options for a possible comprehensive prohibition of all services, which 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”. Those services include insurance coverage, which in the freight sector i
Also in this section
1 April 2025
There is method to the US president’s apparent madness, and those seeking to understand need look no further than their local bookshop
1 April 2025
Strong economic growth targets are encouraging for the country’s energy demand growth, even if meeting those goals might be a tall order
28 March 2025
The Central Asian country is positioning itself as a low-carbon leader, but antiquated infrastructure and a dependence on Russia are holding it back
28 March 2025
MCEDD 2025 took place in Madrid this week with record attendance and a wide-ranging programme, reflecting the deepwater sector’s renewed momentum, strategic focus and accelerating technological innovation.
