EC proposes ban on oil tanker sales to Russia to thwart sanctions busting
The European Commission (EC) has proposed banning the sale of oil tankers to Russia to prevent Moscow from circumventing Western sanctions by creating a shadow fleet of merchant vessels, Reuters reported on Nov. 17.
The proposal states that the sale of tankers to third-party countries should be conducted under an agreement stipulating that the vessels cannot be resold to Russia, or used to transport Russian oil or petroleum products, in circumvention of Western price restrictions.
The European Union agreed to establish a maximum price of $60 per barrel for Russian crude oil on Dec. 2, 2022.
According to Bloomberg, Russia has already suffered a significant setback, losing up to 90% of its crucial oil market in the northern countries of the European Union.
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