The European Union’s 27 member states have approved a new sanctions package targeting Russia‘s shadow tanker fleet, which is used to circumvent international sanctions and ship oil to global markets. The 17th sanctions package is expected to be officially endorsed by the EU’s defense ministers next week.
EU Sanctions Package Targets Russian Shadow Fleet
The latest sanctions package aims to restrict access to battlefield technology and target Russia‘s energy exports. According to European Commission President Ursula von der Leyen, the package will list an additional 189 shadow fleet vessels. Von der Leyen emphasized that “this war has to end,” and the EU will continue to apply pressure on the Kremlin.
The sanctions package builds upon earlier agreements, including a ban on Russian aluminum imports and the designation of 73 shadow fleet vessels in February. The expanded scope of criteria for sanctioning vessel owners and operators aims to target Russia‘s energy exports more effectively.
International Pressure Mounts on Russia
As international pressure mounts on Russia, EU leaders are warning Moscow that further sanctions will follow if it continues to resist a ceasefire. German Chancellor Friedrich Merz and French President Emmanuel Macron have both cautioned Russia that the EU is prepared to take additional measures to bring an end to the conflict in Ukraine.
Meanwhile, Ukrainian President Volodymyr Zelenskyy has announced plans to travel to Turkey for direct talks with Russian President Vladimir Putin on Thursday. The talks are expected to focus on a potential 30-day ceasefire, which Russia has thus far resisted.
Global Markets React to Sanctions
The EU’s sanctions package is likely to have significant implications for global oil markets. As the bloc targets Russia‘s energy exports, it may lead to increased competition and volatility in the market. The move could also prompt other countries to reassess their relationships with Russia and consider imposing similar sanctions.
By Tsvetana Paraskova for Oilprice.com
Original Article: EU Approves New Sanctions Targeting Russia’s Shadow Tanker Fleet — Oilprice