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G7 Target Energy Sanctions Loopholes

OIL

G7 nations intend to tighten energy sanctions against Russia at their summit in Japan at the end of this week.

  • New measures announced by the leaders during the May 19-21 meetings will target sanctions evasion involving third countries according to Reuters sources.
  • Russian diesel for example has been accused of entering Europe via other regions like North Africa and Turkey.
  • It is not yet clear how G7 nations intend to tackle the problem.
  • There is no mention of updating price caps at present, with less precedence to change them after oil prices recent fall.

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