Sanctions Implementation and Enforcement

Richard Foord Excerpts

Thursday 15th May 2025 Commons Chamber

[Madam Deputy Speaker (Ms Nusrat Ghani)]

I call Richard Foord, a member of the Select Committee.

[Richard Foord (Honiton and Sidmouth) (LD)]

The G7 oil price cap prevents us from selling shipping and insurance services to companies carrying Russian oil when it is sold above $60 per barrel. I appreciate that the Minister might say that he cannot preannounce future sanctions—I think we all understand that—but has the UK advocated with G7 allies for reducing that price cap further, given that in recent weeks, the price of crude oil has dropped below $60 per barrel?

[Stephen Doughty]

The hon. Gentleman raises a very important issue. I will not comment on future actions, but since the introduction of the oil price cap, data from the Russian Ministry of Finance showed a 30% reduction in tax revenues from oil in 2023, compared with the year before. The price it has received for flagship Urals-grade crude has continued to sit below global levels, and our work—particularly on the shadow fleet—has significantly disrupted and impacted the revenues that Putin is able to get from oil to fuel his war in Ukraine. We will consider all possible lawful measures to further strengthen our efforts in that regard, but the best way to do so is by working with our international partners. We are engaged in daily conversations on these matters, but of course, I will not comment on future specific actions.