Russia dismissed the G7 oil price cap as an ineffective tool as its oil revenues have soared amid a global supply squeeze.
The G7 nations introduced a $60 crude price cap in December 2022 to limit Russian revenues. European shipping interests are in breach of sanctions if they haul barrels sold above the cap.
But the growth of a fleet of shadow tankers hauling Russian crude outside of the G7’s control has allowed the trade to continue, predominantly to India, Turkey and China.
