Twelve European countries including Poland have called on the wealthy G7 nations to take additional steps to target Russia’s “shadow fleet” in order to reduce Moscow’s revenue from natural resources.
A joint letter addressed to Canada, France, Germany, Italy, Japan, the United Kingdom and the United States states that a third of Russia’s revenues and two-thirds of its exports are linked to energy shipments.
“With these revenues, Russia is funding its continuing aggression in Ukraine,” a statement issued by a dozen eastern, central and northern European countries on Friday said.
They called on the G7 to hit Russia’s “shadow fleet” vessels, which are used to bypass energy export restrictions, and “involved actors” with additional sanctions.
The appeal was drafted by Czechia, Denmark, Estonia, Finland, Iceland, Ireland, Latvia, Lithuania, Norway, Poland, Romania, and Sweden.
It said these countries have been pushing for the “toughest possible” sanctions on Russia after it launched its full-scale invasion of Ukraine in 2022.
The 12 countries are also urging the G7 to “significantly” lower the Oil Price Cap, which limits the export price of Russian crude oil, so it remains a “meaningful” tool to reduce revenue.
