Russia: Oil
The question
To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, what discussions he has had with his (a) G7 and (b) EU counterparts on increasing enforcement of the price cap policy on Russian oil.
Answered by Stephen Doughty
The action taken by the UK and partners to limit Russian energy revenues is having a significant impact, with Russia forced to shoulder a 24 per cent reduction in oil and gas revenues in 2023 compared to 2022. We are working to close loopholes and crack down on ever more desperate forms of sanctions circumvention, including by sanctioning vessels which use reckless practices in an attempt to undermine our impact. The UK has led in the G7 to target oil and LNG tankers, and we will continue to work closely with EU and G7 counterparts to monitor the effectiveness of the Oil Price Cap.
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