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Sakhalin-2 Crude to Japan Receives EU Exemption

OIL

Oil and condensate from the Sakhalin-2 project in Russia that is supplied to Japan has been exempt from EU sanctions on transportation of Russian oil and associated services until June 5. 2023.

  • The EU agreed on an eighth sanctions package against Russia this week, which largely centred around plans to pursue a price cap on Russian oil – though the mechanism to do so remains up for discussion amongst G7 nations.
  • The new round of sanctions bars EU member countries from transporting crude oil and oil products from Russia or of Russian origin, including ship-to-ship transfer services, to third countries, effective December 5, 2022 for crude and February 5, 2023 for oil products.
Energy BulletsCommodities
Energy BulletsCommodities

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