12 European nations call on G7 to reduce Russia’s energy revenues
12 European countries urged the G7 on Friday to intensify efforts to reduce Russia's energy revenue by enforcing tougher sanctions and targeting the "shadow fleet" involved in transporting Russian exports. They emphasized the need to keep the Oil Price Cap effective in curbing Russia's income streams.
- Europe
- Anadolu Agency
- Published Date: 03:43 | 07 February 2025
- Modified Date: 03:45 | 07 February 2025
A total of 12 European countries on Friday called on the G7 states to take additional steps to reduce the revenues earned by Russia from the sale of its energy carriers.
In a joint letter, Czech Republic, Denmark, Estonia, Finland, Iceland, Ireland, Latvia, Lithuania, Norway, Poland, Romania, and Sweden said that a third of Russia's revenues and two-thirds of its exports are linked to energy carriers.
They noted that the 12 countries have continuously pushed for the "toughest possible restrictive measures" against Russia.
The letter called on the G7 to leverage the Oil Price Cap to ensure it continues to serve as a "meaningful instrument" in curbing Russia's revenue streams.
The 12 European nations also called on the G7 states to impose additional sanctions on "Russia's shadow fleet vessels and involved actors" and to consider additional measures targeting seaborne transportation of Russian-originating exports.
"Russia is using the shadow fleet to fund its war machine. The vessels of the shadow fleet are often old and in poor condition, posing environmental, maritime safety and security risks in Europe and our waters," said the letter.