G7 countries and the European Union (EU) are considering replacing the Russian oil price cap with a full ban on maritime services, aimed at reducing Moscow’s oil revenues, sources say, reports Reuters.

Russia exports more than a third of its oil via tankers—mainly to India and China—using Western transport services.

The aforesaid ban would end the trade in which European countries—including Greece, Cyprus, and Malta—also participate.

The ban could be included in the next phase of EU sanctions against Russia, planned for early 2026, Reuters’ sources said.

Moreover, according to them, the EU would like to approve this ban together with a broader G7 agreement before proposing it in its next round of sanctions.