The European Union (EU) and G7 countries are considering replacing the existing price-cap regime on Russian oil with a complete ban on maritime services — including shipping, insurance, and related services — for entities transporting Russian crude.
Under the current system, Western tankers — largely from EU maritime powers such as Greece, Cyprus, and Malta — still carry over one-third of Russia’s oil exports. The proposed ban aims to sever this critical supply chain, choking off a major revenue stream that helps fund Russia’s war efforts in Ukraine.
If adopted, the ban would likely be part of the EU’s next sanctions package, expected in early 2026. Critics — and even some within the bloc — warn that effectiveness will hinge heavily on enforcement: Russia may ramp up use of its “shadow fleet” of old tankers operating outside Western oversight, potentially undermining the ban’s impact.
Proponents argue the measure represents the toughest step yet in targeting the oil-transport infrastructure that underpins Russia’s war economy.
