EU Plans To Prohibit Ships From Transporting Russian Oil Beyond Agreed Threshold - Reports

EU Plans to Prohibit Ships From Transporting Russian Oil Beyond Agreed Threshold - Reports

The European Union considers prohibiting its ships from shipping oil from Russia beyond an agreed threshold, which could become part of a new sanctions package against Russia, Bloomberg reported on Wednesday, citing its sources in the EU

MOSCOW (Pakistan Point News / Sputnik - 28th September, 2022) The European Union considers prohibiting its ships from shipping oil from Russia beyond an agreed threshold, which could become part of a new sanctions package against Russia, Bloomberg reported on Wednesday, citing its sources in the EU.

Earlier in the week, Politico reported that the European Commission would propose new sanctions against Russia on Wednesday, including introduction of a price cap on Russian oil, while loosening some existing sanctions, such as lifting ban on imports of Russian fertilizers and other products. On September 28, the commission is expected to inform the ambassadors of EU countries about the new sanctions package.

The EU is considering new restrictions on Russian oil, including a ban on shipments of oil beyond an agreed threshold, according to Bloomberg. The news agency also added that such a measure was excluded from the previous sanctions package due to the pressure by EU countries like Greece and Cyprus, major oil-tanker owning countries transporting most of Russian oil to the EU.

In September, G7 finance ministers confirmed their intention to impose price caps for Russian oil and called on all nations to support the initiative as part of sanctions pressure against Russia in response to its military operation in Ukraine. The price cap is scheduled to take effect on December 5, 2022, for crude oil, and on February 5, 2023, for refined products coming from Russia.

The European Commission said it would also consider introducing a price cap on Russian oil, though the measure is still being discussed among EU member states.

Moscow, in turn, has vowed to altogether stop exporting Russian oil to the countries that impose the price cap.