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Bloomberg: G7 to tighten restrictions on Russian navy, energy, metals

The world's largest economies will continue to "put pressure on Russian revenues from energy and other goods".

Bloomberg: G7 to tighten restrictions on Russian navy, energy, metals

The leaders of the G7, who met in Italy for a summit, will pledge to tighten restrictions on Russian oil prices in order to "strangle" the Kremlin's future energy projects and reduce Moscow's metal revenues.

Bloomberg writes about this with reference to a statement available to the publication, which is to be published today.

"We will continue to put significant pressure on Russia's energy and other commodity revenues," the statement said.

The G7 price cap on Russian crude oil and oil products prohibits Western shipowners, insurers and intermediaries from providing vessels and services for cargoes that exceed the thresholds. However, Moscow has been able to largely circumvent the restrictions by assembling a fleet of tankers operating in hard-to-reach jurisdictions and turning to non-Western service providers to deliver goods to new markets such as India. The US, UK and EU have recently begun to impose sanctions on ships involved in these shipments.

"The G-7 will take measures, including sanctions and innovative action, targeting relevant geographic regions, to combat Russia's use of deceptive alternative shipping practices to circumvent our sanctions through its shadow fleet," the statement said.

The G7 leaders will also pledge to do more to hinder "the development of future energy projects and impede access to the goods and services on which these projects rely" and continue to reduce Russia's metals revenues.

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