More than three years after the imposition of sanctions, the EU has devised a way to deprive Putin of oil revenues 0 40

This was reported to Reuters by six informed sources. The ban could become part of the next EU sanctions package against Russia, scheduled for early 2026, three of the six sources told the agency.

As noted in the publication, the 27 EU countries would like to approve the ban alongside a broader G7 agreement before proposing it in the package.

At the same time, the final decision will depend on the pressure tactics chosen by President Donald Trump's administration in the context of peace negotiations it is conducting between Ukraine and Russia, four sources reported.

Although the G7 and the EU have almost completely halted imports of Russian oil since 2022, the new measure will be the closest to a full ban on trading Russian oil not only at the import level but also at the transportation and maritime services level.

Russia exports more than a third of its oil via tankers—primarily to India and China—using Western maritime services. The ban will put an end to this trade, which is mainly conducted with the fleets of EU maritime countries, including Greece, Cyprus, and Malta.

The G7 group established price caps on Russian oil in 2022 after Russia's invasion of Ukraine to limit the Kremlin's revenues while allowing third countries to purchase Russian oil using Western services, but only if buyers pay Russia less than the established price cap.

To circumvent the restrictions, Russia has redirected much of its oil to Asia on its own vessels, many of which have since been sanctioned by the West. These vessels are old, their owners are unknown, and they operate without Western insurance.

The administration of former U.S. President Joe Biden argued that if Russia spends more money on tankers, it will have less money for war.

The Trump administration was more skeptical about the price 'ceiling' and refused to support the UK, the EU, and Canada when they agreed to lower the restrictions on crude oil from $60 per barrel to $47.6 per barrel in September 2025.