It is reported that the G7 and the European Union are considering banning Russian oil shipments by sea rather than imposing a cap on oil prices.

Six informed sources said that the G7 and the EU are negotiating to replace the price cap on Russian oil exports with a comprehensive ban on maritime services, in order to reduce the oil revenue that funds Russia's involvement in the conflict in Ukraine. Russia exports over one-third of its oil using Western oil tankers, primarily to countries like India, and relies on Western shipping services. Trade is mainly conducted through fleets of EU maritime countries including Greece, Cyprus, and Malta, and this ban would put an end to such trade. Two-thirds of Russia's oil exports are carried out by a fleet of hundreds of tankers known as the "shadow fleet" operating outside Western supervision and maritime standards. If the G7 and EU implement a ban on maritime services, Russia would need to expand this fleet. Three of the six sources stated that this ban may be part of the next round of sanctions to be imposed on Russia by the EU in early 2026. Two of the six sources said that the EU's 27 countries are aiming to approve the ban in conjunction with a broader G7 agreement before proposing a comprehensive ban.