Europe and the G7 are stepping up fossil fuel-related sanctions on Russia
The decision to ban the country’s oil products came after the E.U. and the U.K. banned seaborne imports of Russian crude oil, in December 2022.
That policy alone saw Russia’s month-over-month earnings from fossil fuel exports decrease by almost a fifth in December, the most significant drop since Russia’s large-scale invasion of Ukraine,The E.U. remained the largest importer of oil from Russia, though this is set to changethat the new, more widely encompassing ban is in play. European countries will instead have to look to other sources of refined oil, most likely in the Middle East, India and the U.S.
In the meantime, the Group of Seven—made up of the U.S., Canada, France, Germany, Italy, Japan, and the U.K.—also decided to enact a global price cap of $100 per barrel on premium oil products, like diesel, and $45 per barrel on oil and fuel, to avoid an increase in gas prices that would impact consumers.
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