Discussion on the ban of maritime services for Russian oil
The G7 countries and the European Union are discussing the possibility of implementing a complete ban on maritime services for Russian oil. This move aims to reduce Russia's oil revenues, which are used to finance the war against Ukraine. The ban may be included in the next package of EU sanctions scheduled for early 2026.
To date, Russia exports more than a third of its oil using Western tankers, mainly to India and China. In September 2025, Britain, the EU, and Canada lowered the price cap on crude oil from $60 to $47.6 per barrel. In October 2023, Russia exported 44% of its oil using sanctioned tankers belonging to the so-called 'shadow fleet.'
Impact of the ban on the Russian oil industry
The overall fleet that transports sanctioned oil from Russia, Iran, and Venezuela consists of 1423 tankers, of which 921 vessels are under sanctions from the US, Britain, or the EU. To transport oil to Asia, Russia spent about $10 billion to create a shadow fleet, which mainly consists of aging vessels and accounts for about 17% of the global oil tanker fleet.
Currently, the accumulation of crude oil in tankers at sea has reached nearly 1 billion barrels. It is also known that tax revenues from oil in Russia have fallen by more than 24% year-on-year. Implementing a ban on maritime services could significantly impact the Russian oil industry, limiting its export capabilities.
The discussion of the ban on maritime services for Russian oil underscores the efforts of the international community to limit the funding of the war in Ukraine through economic sanctions. If this ban is implemented, Russia may face even greater difficulties in transporting oil, leading to further reductions in its revenues and impacting the global oil market. This could also change the dynamics of oil supply in Asia, where Russia currently has a significant presence, especially as supplies from other countries are reduced due to sanctions.