Experts predict G7 split on tougher sanctions against Russia

The G7 countries are unlikely to agree on tougher sanctions against Russia's oil industry, experts believe.

"There is a serious split within the G7 itself - between the United States and its other members - which is a serious obstacle to the introduction of new restrictive measures," Ekaterina Kosareva, managing partner of WMT Consult, told Izvestia.

So she commented on the Bloomberg agency's report, according to which on February 24 the G7 countries are going to release a statement on the work on tightening the price ceiling on Russian oil. Now it is $60 per barrel of oil. According to the agency, the purpose of the likely new measures is to encourage Russia to "negotiate a full-format peace" on Ukraine.

Valery Andrianov, an associate professor at the Financial University under the Government of the Russian Federation, also considers it highly unlikely that the US will support the imposition of additional sanctions against the Russian oil and gas sector. According to him, first of all, the dialog on Ukraine has begun, and Washington will not overshadow it with new restrictions. Secondly, it makes no sense for the US to undermine and unbalance the global oil market.

However, the Izvestia interlocutor notes, there is a variant that sanctions based on the new price ceiling can be introduced by the EU, separately from the US.

"But such a development does little to frighten buyers. The bulk of payments for energy resources are made in dollars, not euros, and Europeans have practically no other levers of pressure, for example, on India and China. Therefore, Poland and other opponents of Russia can call for the ceiling to be lowered to $40 or $20 - this is purely political PR," Andrianov believes.

Read more in Izvestia's exclusive article:

Protracted Ceiling: G7 is split over oil sanctions against Russia