EU Proposes 20th Russia Sanctions Package Banning Oil Maritime Services
On February 6th, the European Commission proposed its 20th sanctions package against Russia, aiming to further diminish the revenue streams funding its war in Ukraine. A significant component of this proposal involves a comprehensive ban on maritime services for Russian crude oil, to be coordinated with G7 partners, which would prohibit European companies from providing insurance, shipping, financing, and other essential services for the transport of Russian oil, irrespective of its price. The package also introduces measures to restrict Russia’s shadow fleet, reinforce pressure on its banking sector by sanctioning additional regional banks and crypto-related channels, and implement further export and import bans on various goods and technologies crucial for Russia’s war effort. For the first time, the EU’s anti-circumvention tool is proposed for activation to prevent sensitive products from reaching Russia through third countries.
John Q. Hosedrinker