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EU Discussions on 11th Sanctions Package Wednesday

OIL

Reminder that EU sanctions discussions are underway today for the 11th package of measures against Russia.

  • The latest package is set to focus primarily on the circumvention of existing restrictions, rather than layering more sanctions on top of the existing measures.
  • The European Union has proposed prohibiting access to its ports for vessels that attempt to circumvent sanctions on Russian oil as it seeks to deter transport of its crude and products below the price caps set by the Group of Seven nations.
  • With price caps on Russian crude and petroleum products already in place, the focus is now on closing loopholes and more effective enforcement of the restrictions.

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