The European Union is considering a proposal to replace price caps on Russian oil with a ban on maritime transport services as part of the 20th round of sanctions against Moscow over the war in Ukraine, Bloomberg reports.
It is noted that if this measure is supported by EU member states, European companies could be banned from providing services such as insurance and transport needed to transport Russian oil, regardless of the price of the commodity.
“A complete ban would significantly tighten restrictions on Russian oil and simplify the implementation of sanctions“, sources told the publication.
The EU is aiming to approve the new package by the end of February. Russia's oil revenues are considered vital to sustaining its economy during the war in Ukraine. Oil supplies from Russia have fallen to their lowest level since the invasion amid US and European sanctions and low prices.
As part of the new sanctions package, the European Union is expected to propose further restrictions on Russian banks, oil companies, cryptocurrency services and financial institutions in third countries that help Moscow evade the bloc's sanctions. Ships belonging to the "shadow fleet" will be re-listed.
It was previously reported that at least eight tankers belonging to the "shadow fleet" are sailing in the English Channel, despite the British government's announcement of a crackdown on these vessels.
British officials have been advised that the sanctioned tankers could be detained and seized. However, these powers have not yet been used, UNIAN writes.