Written Question·Treasury·UIN 108302
Oil: Russia
Tabled: 26 January 2026
Answered: 2 February 2026
Question
Mr Richard Holden
Conservative — Basildon and Billericay
To ask the Chancellor of the Exchequer, what discussions she has had with her G7 counterparts on (a) the potential impact of the oil price cap on the level of the Russian Federation's revenues to date and (b) the potential merits of reducing the level of
Answer
Lucy RigbyThe implementation of the oil price cap has achieved its joint aims of 1) reducing Russian oil revenues by capping the price at which Russian oil can be transported using G7 maritime services (such as insurance and brokering for example), while also, 2) m...
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