Overview
- Reuters reported, citing six sources, that the plan is under discussion and has not been approved by G7 governments or the EU.
- More than a third of Russian oil reportedly moves on Western tankers to India and China, and a ban would halt trade largely handled by fleets from Greece, Cyprus and Malta.
- The rest of Russia’s seaborne exports ride a shadow fleet that would likely need to grow if Western insurance and shipping services are cut off.
- EU officials are considering packaging the measure into their next Russia sanctions round in early 2026, subject to unanimous approval by all 27 member states and a broader G7 accord.
- British and American officials are promoting the concept in technical G7 talks, with any U.S. decision tied to President Trump’s chosen pressure tactics during ongoing peace efforts, while a separate Dec. 4 license permits transactions with Lukoil gas stations outside Russia until April 29, 2026.