EU prepares new sanctions against rf shadow fleet: what will change
Kyiv • UNN
The European Union is developing a package of sanctions against tankers transporting Russian oil in circumvention of restrictions. It is planned to introduce fines for the trade participants and additional measures in early 2024.
The European Union is working on a new package of sanctions aimed at the shadow fleet of tankers, which Russia uses to deliver its oil to the market. Bloomberg writes about this, citing knowledgeable sources, reports UNN.
The package, which the bloc intends to approve by the end of the year, is also expected to include fines against individuals involved in trade. Member states are still negotiating the details of the sanctions, which must be unanimously approved by the 27 member states.
In recent months, it has become increasingly difficult for the EU to get the packages approved, as Hungary has often used its veto power during negotiations.
Several rounds of US, UK and EU sanctions have already targeted dozens of tankers and ships and services used to transport Russian crude oil.
They did so by banning firms in the G7 and EU countries from buying oil sold at prices above $60. Ukraine's allies have also imposed sanctions on several companies in third countries that help russia transport its crude as they seek to cut into moscow's revenue from its most lucrative source of income.
Western companies are allowed to provide transportation, insurance and other services if oil is sold below the threshold.
In response to the sanctions regime, moscow has assembled a secret fleet of tankers to circumvent the restriction and limitations while continuing to profit from the trade.
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The publication specifies that profit fuels Vladimir Putin's war machine, and the US, UK and EU have made cutting it a priority.
The EU is also working on a larger package of sanctions it hopes to adopt early next year when the bloc's presidency shifts from Hungary to Poland. It could include further trade restrictions as well as additional duties on Russian agricultural products.
Ukraine's MFA calls on partners to block Russia's shadow fleetOct 15 2024, 05:34 PM • 19292 views
The package could be presented as early as January with the aim of having it adopted before the symbolic date of Feb. 24, which would mark the third anniversary of Russia's full-scale invasion.
Some countries want russia's LNG trade to be targeted.
