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EU Targets Oil Sanctions Loopholes

OIL

The EU is aiming to target Russian oil transfers at sea in its latest round of sanctions talks. Vessel which breach sanctions may face a ban from EU ports.

  • 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.
  • Record volumes of both Russian oil and oil products have been flooding global markets post sanctions which has been keeping pressure on crude prices.
  • As part of the planned sanctions package, the bloc’s 11th since February 2022, the EU also proposed targeting vessels that switch off navigation systems.
  • Talks will take place Wednesday and require unanimity across the block to pass.

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