G7’s Russian oil tanker ban shows teeth, but bite is in doubt

FILE PHOTO: Rosneft's Russian-flagged crude oil tanker Vladimir Monomakh transits the Bosphorus in Istanbul, Turkey, July 6, 2023. - Reuters

THE Group of Seven’s or G7’s proposed plan to bar tankers from hauling Russian oil ups the ante in the West’s economic stand-off with Moscow, but the ultimate bite hinges on whether governments will ratchet up punishments on those skirting sanctions.

And with Russian President Vladimir Putin working tirelessly to strengthen Moscow’s own alliances, including India and China, the West may need to act quickly.