The Group of Seven (G7) countries have vowed to tighten sanctions to overcome the price ceiling imposed on Russian oil by the West a year ago; This includes imposing sanctions on those who allegedly helped circumvent the restrictions. This is as follows expressions G7 summit.
“We are committed to strengthening compliance with and enforcement of Russian oil price cap policies, including imposing sanctions on individuals who engage in deceptive practices and updating our rules and regulations as necessary,” the statement said.
G7 countries also said they would “continue efforts to reduce Russia’s metal revenues.”
They also announced plans to accelerate work to reduce Russia’s energy income.
The Wall Street Journal previously wrote: Russia managed to increase Revenue from oil and gas and the West’s cap on energy prices demonstrated its ineffectiveness and even unintentionally led to a strengthening of the ruble.
Previously Russia augmented Oil exports by sea despite US sanctions on tankers.
Putin before stated About the failure of the West’s blitzkrieg sanctions.