G7 discuss banning services that enable the transport of Russian oil
The G7 will, however, consider setting up 'mitigation mechanisms' to ensure that vulnerable countries can still have access to Russian oil.
Today, the foreign ministers of the G7 group issued a statement on energy security published on the UK government website.
The G7 group discussed the possibility of placing a ban on services that facilitate the transport of Russian oil.
The statement read "we remain committed to considering a range of approaches, including options for a comprehensive prohibition of all services that enable transportation of Russian seaborne crude oil and petroleum products globally, unless the oil is purchased at or below a price to be agreed in consultation with international partners."
"We will also consider mitigation mechanisms alongside our restrictive measures to ensure the most vulnerable and impacted countries maintain access to energy markets including Russia," it added.
"We will further reduce our reliance on civil nuclear and related goods from Russia, and assist countries seeking to diversify their supplies."
In the past few months, the US, the EU, and its allies have been initiating a series of campaigns against Russia, prompting nations all over the world to follow their lead in terms of economically and diplomatically isolating Russia.
Despite the sanctions and the partial embargo imposed on Russia's oil, the Russian economy has defied the odds in countering oppressive measures.
The IMF stated last week that Russia's economy looks to be weathering the storm better than predicted, owing to high energy prices and strong resilience of domestic demand as a result of government support.