On 2 September 2022, the G7 Finance Ministers met in Germany and released a statement:

• Affirming their commitment to the sanctions in broad terms, including the commitment to fully implement and enforce the sanctions and remain vigilant against sanctions evasion, circumvention and backfilling
• More specifically, the Finance Ministers, have confirmed their joint political intention, to finalise and implement a comprehensive prohibition of services which enable the maritime transportation of Russian-origin crude oil and petroleum products globally. Save that the provision of such services would only be allowed if the oil and petroleum products are purchased at or below a fixed price (the price cap) determined by the broad coalition of countries implementing the price cap
• The Finance Ministers also reaffirmed the measures to phase out Russian oil and petroleum products from their domestic markets

It is understood that legislation from the US/EU/UK will be introduced in due course implementing the policy positions above.

The G7 Finance Ministers statement can be found here.

The UK Government’s press release can be found here.