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9 May, 2023 10:14

EU to punish Russian crude shipping ‘cheats’ – Bloomberg

New measures may ban vessels from accessing EU ports due to their alleged attempts to circumvent anti-Moscow sanctions
EU to punish Russian crude shipping ‘cheats’ – Bloomberg

Brussels has proposed to prohibit ships that have violated sanctions on Russian oil from entering EU ports and waterways, as part of a further and broader package of penalties that the bloc is expected to impose on the country over the military operation in Ukraine, Bloomberg reported on Monday.

The European Commission reportedly cited a “sharp increase in deceptive practices and related environmental risks” by vessels trying to bypass the G7 price cap and an embargo on imports of Russian crude to the bloc.

In December, the EU, the Group of Seven nations, and their allies introduced a collective ban on Russian seaborne oil exports, along with a price cap of $60 per barrel. Another embargo banning almost all imports of Russian oil products, as well as introducing price caps on diesel and other petroleum products, kicked in on February 5.

The measure bans Western corporations from providing insurance and other services to shipments of Russian crude, unless the cargo is purchased at or below the set price. In February, the International Energy Agency (IEA) said the goal of reducing Moscow’s energy revenues and keeping global oil prices from spiking had been achieved.

If approved, the new measure will ban tankers that are suspected or found to be in breach of the sanctions regime by transporting Russian crude and petroleum products below the price caps set by the G7 from entering European ports.

Diplomats from 27 member states are expected to discuss the bloc’s 11th package of anti-Russia sanctions later this week. The new penalties will reportedly be focused on evasion strategies used against previously introduced measures. In the fresh package, the bloc may introduce a new mechanism aimed at cutting its exports to third nations that are seen as involved in bypassing the sanctions.

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