Russia exports over a third of its oil in Western tankers — mostly from Greece, Cyprus and Malta — with the help of Western shipping services. The ban would end that practice, which mostly supplies India and China, and render obsolete a price cap on purchases of Russian crude oil that the Group of Seven (G7) Western powers have tried to enforce with mixed success. EU proposes broadest clampdown on Russian crude exportsReuters was first to report in December that the European Union (EU) and the G7 were discussing the ban. She said the ban would be "in coordination with like-minded partners", and that Russian LNG tankers and icebreakers would encounter "sweeping bans" on maintenance and other services. It proposed further measures against cryptocurrency companies that enable Russia to circumvent Western sanctions.

Source: The Edge Markets February 06, 2026 16:57 UTC