“The EU is preparing new sanctions against the shadow fleet of the Russian Federation: what will change The European Union is developing a package of sanctions against tankers that transport Russian oil to circumvent restrictions. Fines for traders and additional measures are planned to be introduced in early 2024.”, — write on: unn.ua
The package, which the bloc aims to approve by the end of the year, is also expected to include penalties against those involved in the trade. Member states are still negotiating the details of the sanctions, which must be unanimously approved by the 27 member states.
In recent months, it has become increasingly difficult for the EU to get approval for the packages, as Hungary has often used its veto power during negotiations.
Several rounds of U.S., U.K. and EU sanctions have already targeted dozens of tankers, as well as vessels and services used to transport Russian crude oil.
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They did this by banning firms in the G7 and the EU from buying oil sold at a price above $60. Ukraine’s allies have also imposed sanctions on several companies in third countries that help Russia transport its crude oil, as they seek to cut Moscow’s revenue from its most lucrative source of income.
Western companies are allowed to provide transport, insurance and other services if oil is sold below the threshold.
In response to the sanctions regime, Moscow assembled a secret fleet of tankers to bypass the restrictions and restrictions while continuing to profit from the trade.
Let’s add
The publication clarifies that profits fuel Vladimir Putin’s war machine, and the US, Great Britain and the EU have made cutting it a priority.
The EU is also working on a larger sanctions package that it hopes to pass early next year, when the bloc’s presidency passes from Hungary to Poland. It may include further trade restrictions, as well as additional duties on Russian agricultural products.
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This package could be presented as early as January with the goal of its adoption by the symbolic date of February 24, which will mark the third anniversary of the full-scale Russian invasion.
Some countries want LNG trade in Russia to become the target of attacks.