London declared on Thursday that it would forbid British ships and businesses from transporting Russian crude oil if the cost of the purchase surpassed the limit established by the Group of Seven and Australia. This decision was made in response to European sanctions on Russia.
a statement that “this new approach continues to tighten the screws on the (Russian President Vladimir) war, and makes it more difficult for him to prosper from his illegal war,” according to Finance Minister Jeremy Hunt.
” The Treasury said that the legislation that enters into force as of December 5 “imposes a ban on ships and British services companies that facilitate the maritime transport of Russian crude. ”
The prohibition will be implemented, she continued, unless “the maximum price alliance Is established by the Group of Seven and Australia, which was purchased at a similar or lower price limit.
The embargo specifically affects ships, a sector in which the United Kingdom holds a global leadership position, according to the ministry.
This comes after the European Union forbade insurance for ships that transport Russian petroleum and the Group of Seven decided to place a ceiling on the price of Russian oil in an effort to cut down on the Kremlin’s income and lower the high cost of energy.
Australia and the European Union supported a ceiling for the price of Russian oil.
The negative effects of Western sanctions on the Russian economy and the funding of the military campaign in Ukraine have been lessened as a result of high energy prices.
In the event that its cost is increased. Britain will prohibit ships and companies to transport Russian oil
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