G-7 plans new sanctions on Russia as its oil exports rise despite price cap

📆 16/5/2023 4:39 am
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Leaders from the Group of Seven member nations are planning to tighten restrictions on Russian energy exports at their summit in Japan this week, in a bid to crack down both on Moscow's illegal oil shipments and third-party countries who have helped Moscow evade the sanctions.

The nations are aiming to undermine both Russia's future energy production and the export revenue that has funded its war in Ukraine. Negotiations are also underway on a ban on Russian piped gas.Though details are still being negotiated ahead of the summit, U.S. officials expect the G-7 to agree to automatically ban exports of all Russian goods from certain categories unless they are on a list of approved items, according to Reuters.Russian seaborne oil exports increased to 3.

Still, some officials told Reuters they are doubtful that any G-7 actions to restrict Russian trade will be effective, at least in the near-term.

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