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G7 vows to prevent Russia from evading oil sanctions

Oct 28, 2024

Yesterday, G7 finance ministers promised to step up efforts to prevent Russia from evading sanctions imposed after its full-scale invasion of Ukraine. We are talking about oil restrictions.

This is reported by RBC-Ukraine with reference to The Guardian.

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“We remain committed to taking further initiatives in response to the violation of oil price restrictions,” the two sides said in a joint statement after the meeting in Washington.

The publication notes that in December 2022, the G7 countries, the EU, and Australia agreed to put pressure on buyers of Russian oil not to exceed a certain price ceiling.

The agreement was intended to limit Russia's sales and revenues from oil sold by the aggressor country, but not to restrict exports so sharply that it would not lead to a sharp rise in world oil prices.

However, some countries, such as China, continue to import Russian crude oil without complying with the price ceiling.

The Guardian added that after the meeting in Washington, the G7 finance ministers also announced that they would take additional measures to increase “the cost to Russia of using a shadow fleet to circumvent sanctions.”

Officials claim that Russia has been using its fleet of shadow tankers, many of which are old, unmarked and poorly maintained, to circumvent sanctions by transporting oil without properly declaring cargo or routes.

Author - Dmitriy Levchenko, 28/10/2024

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