The EU has authorized the seizure and sale of Russian oil from tankers that violate sanctions
As part of its 21st sanctions package, the European Union has introduced a mechanism that allows member states to confiscate and sell Russian oil from “shadow fleet” tankers used to circumvent sanctions.
The relevant decision was published in the “Official Journal of the EU.” As a senior European Commission official explained to Euractiv, the new rules grant EU countries the right to seize cargo after detaining vessels during maritime operations.
The new mechanism applies not only to oil but also to other cargoes, including grain. Proceeds from the sale may not be transferred to Russian individuals or legal entities.
In addition, the 21st sanctions package sets a price cap on Russian oil at $44 per barrel for a period of one year. The document also prohibits companies from EU countries from providing services—including insurance—to tankers transporting Russian oil at a price exceeding the established limit.
According to European Union estimates, assuming an average price of $60 per barrel for Urals crude, the new restrictions could cost the Kremlin approximately $3.5 billion in revenue over the next year. At the same time, according to Euractiv, Urals crude was trading at approximately $50 per barrel in early July, and after the situation in the Middle East escalated, its price rose to about $80 per barrel.
Source: Euractiv
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