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12th Round Of Sanctions Focus On Crude Shipments & Diamond Sector

EU-RUSSIA

Wires carrying the details of the 12th round of sanctions set to be imposed by the EU on Russia.

On oil shipments:

  • The EU is set to ban sales to Russia, or for use in Russia, of tankers, of any origin, for crude oil or petroleum products. - Sale of tankers by EU exporters to any third country to contractually prohibit its use for transport of Russian crude, or petroleum products bought at a price above the G7 price cap. - EU to impose requirement on ship operators to show itemised price information for freight and insurance to verify compliance with G7 price cap on Russian seaborne crude. - Contracts for sale of tankers by EU operators to also prohibit the re-sale and re-export of the ships for use in Russian crude transport, unless it complies with G7 price cap.
Earlier this week, MNI's Commodities team provided analysisof the headlines suggesting that Denmark could patrol the Baltic seeking to enforce the G7 price cap and sanction breaches.

The EU is also set to impose strict sanctions on the import of Russian diamonds into the EU. The sanctions will still need to be signed off by national leaders at the 14-15 Dec European Council summit. Belgium, a hub of diamond trade, had been seen as a potential obstacle to the sanctions related to that sector, while Hungary could also prove difficult to get on side given the Orban gov'ts long-standing objections to deepening sanctions on Russia.

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