The Group of Seven (G7) nations and the European Union (EU) are discussing a full ban on providing maritime services for Russian oil exports. This move would replace the existing price cap mechanism in an effort to further reduce Moscow’s war-funding revenue, six sources familiar with the matter told Reuters.

British and US officials are reportedly pushing the proposal in technical G7 discussions, though a final US decision will be contingent on the approach of President Donald Trump’s administration.

The proposed ban would halt trade that relies on Western tankers and associated services, which currently transport more than a third of Russia’s oil exports, primarily to India and China.

According to October data from the Centre for Research on Energy and Clean Air, tankers linked to the G7, EU, and Australia handled 38% of Russian oil shipments.

Such a measure would heavily impact the shipping industries of EU maritime nations such as Greece, Cyprus, and Malta. If the new ban is imposed, Russia would need to significantly expand its “shadow fleet” of tankers operating outside Western oversight.

This fleet currently transports the majority of its oil exports. Lloyd’s List Intelligence data indicates that the wider fleet carrying sanctioned oil from Russia, Iran, and Venezuela now includes 1,423 tankers.

The measure could be included in the EU’s next sanctions package, which is expected in early 2026, but the bloc is seeking a unified G7 position before moving forward.

This step would represent the closest measure to a total ban on Russian oil by targeting transportation and maritime services, as most G7 and EU countries have already stopped direct imports since 2022.