G7 countries have set a price cap for Russian crude oil of $60 per barrel, which is equivalent to about 55.83 euros. The price cap requires any Western company involved in transporting Russian oil to obtain a certification that the cargo costs $60 a barrel or less.
If this is not the case, the companies are not allowed to offer their services. The G7 is constantly looking for ways to further reduce Russia's profits from oil sales without endangering the stability of global energy markets. Russia has the choice of either selling to the West, but then below the $60 mark, or via the so-called shadow fleet, which leads to higher transport costs. The United States is currently focusing more on combating ships that belong to the shadow fleet and is specifically sanctioning them. Since 2023, half of the tankers subject to sanctions have not loaded Russian cargo, according to Bloomberg. India and China are increasingly distancing themselves from Russia, for example, has announced that it is looking for a new oil supplier.