G7 and Australia Tighten Loopholes in Russian Oil Price Cap

New measures and sanctions introduced to curb evasion tactics and disrupt Russia's funding of the Ukraine war.

The G7 and Australia, known as the 'price cap coalition', have announced they will tighten loopholes that have allowed Russia to evade a cap on its oil price, which was intended to curb energy revenues the Kremlin has used to fund the Ukraine war.
Russia has circumvented the cap by developing a 'shadow fleet' of tankers and finding alternative options for insurance and financing, allowing it to sell oil at higher prices.
The new measures will require oil shippers using Western maritime insurers and other firms that finance Russian oil exports to provide more frequent and rigorous documentation about the contents and prices of oil shipments.
The coalition estimates that Russian tax revenue from oil and petroleum product exports is down 32 percent from a year ago.
The United States has imposed new sanctions on alleged violators of the price cap, including firms across the United Arab Emirates and Hong Kong.