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G7 Looks to Step Up Oil Related Sanctions Wednesday

OIL

G7 leaders are expected to potentially announce updated measures on its oil sanctions against Russia Wednesday based on Reuters reports.

  • “The EU's latest proposed package of sanctions on Russia includes some measures to capture details on "ancillary costs" and slow the sale of old western ships to Russia's so-called "shadow fleet".” Reuters reports.
  • Western nations have largely admitted measures implemented so far by sanctions have had limited impact.
  • The US has begun targeting those who violate the oil price cap, listing a string of vessels and owners.

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