Bloomberg: G7 to tackle Russiaʼs shadow navy and its metals profits

The leaders of the G7 ("Big Seven") will pledge to strengthen compliance with Russian oil price restrictions, reduce the Russian Federationʼs profits from metals and energy, and fight against its shadow fleet.

This is stated in the statement of the G7 leaders, which was accessed by Bloomberg.

Price restrictions on Russian crude oil and oil products from the G7 prohibit Western shipowners, insurers and intermediaries from working with cargoes from the Russian Federation whose value exceeds the limits.

However, Russia was able to avoid the significant impact of these restrictions — it assembled a fleet of tankers operating in hard-to-reach jurisdictions and turned to service providers from non-Western countries.

The USA, Great Britain and the EU have already started imposing sanctions against the vessels involved in these shipments. And now the G7 countries are planning to introduce additional sanctions and launch "innovative activities" against the Russian shadow fleet.

The G7 leaders will also pledge to do more to impede the "development of Russiaʼs future energy projects" and prevent its access to the goods and services on which those projects depend.

The G7 leadersʼ summit is being held in Italy on June 13-15.