The European Union and 12 partner countries gathered in Brussels to discuss strengthening the G7 price cap on Russian oil, aiming to diminish Moscow’s ability to fund its war in Ukraine.

Since the end of last year, Russia has evaded the price cap using a fleet of tankers, prompting Western powers to impose sanctions on vessels to enforce the cap.

EU sanctions envoy David O’Sullivan emphasized the need for relentless enforcement during the meetings, stating that more action is required.

The EU revealed that Russia allocated a significant portion of its budget to defense and security, facing inflated prices for essential goods since the invasion of Ukraine.

Future actions may target specific financial institutions and disrupt the transit of goods used by Russia’s military, with China posing a significant challenge according to Ukraine’s presidential adviser.