The European Union is in the process of drafting a new set of sanctions aimed at targeting Russia’s shadow fleet of tankers, which Moscow uses to bypass restrictions and sell its oil on the global market, Bloomberg reported on November 15.
The sanctions, expected to be finalized by the end of the year, will also penalize individuals involved in facilitating the trade, according to sources familiar with the matter.
The EU, alongside the United States and the UK, has imposed multiple rounds of sanctions targeting ships, tankers, and services tied to Russian crude.
These include prohibiting G7 and EU-based firms from purchasing oil sold above the $60-per-barrel price cap. Western companies may still provide transportation, insurance, and other services, but only for oil traded below the cap.
Despite these measures, Moscow developed a shadow fleet of tankers to evade restrictions, sustaining its lucrative oil trade. The EU’s sanctions aim to curb these profits, which are seen as fueling Putin’s war effort in Ukraine.
In addition to targeting the shadow fleet, the EU is reportedly planning a more extensive sanctions package slated for early 2024.
With Poland set to take over the EU presidency from Hungary, officials hope to adopt the measures ahead of February 24, the third anniversary of Russia’s full-scale invasion of Ukraine.
The broader package could include further trade restrictions and higher tariffs on Russian agricultural goods. Some EU nations have also pushed for sanctions on Russia’s liquefied natural gas (LNG) trade.
Earlier, Germany has barred its state-operated terminals from accepting Russian liquefied natural gas (LNG), citing national security concerns as the driving factor.
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