This could make it more difficult for shipping companies to circumvent sanctions.
In the ideal case, the strengthening of the price ceiling instrument could be approved by the end of the year as part of the 12th sanctions package.
The new sanctions are intended to limit the trade of Russian diamonds as well.
Tuesday marks exactly one year since Russian oil export price cuts came into force. This happened along with the ban on Russian oil imports into the EU. It was planned to force Russia to sell its oil to third countries at a price not exceeding 60 dollars per barrel.
Shipping companies that ensure the export of Russian oil are allowed to transport it if the price of oil does not exceed the specified ceiling.
Following these rules, Western shipping companies are still allowed to transport Russian oil to countries such as India, China and Egypt.
This also applies to providers of other services necessary to ensure oil export, including insurers, technical support providers, as well as financial and stock exchange services.
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The plan was to prevent Russia from reaping the profits from rising oil prices and using them to finance its war machine.
However, according to the latest research data from the Kyiv School of Economics, more than 99% of Russian crude oil transported by sea in October may have been sold at a price above $60.
This may have happened by falsifying price certificates, according to Ukrainian researchers. In addition, Russia can increasingly rely on the “shadow fleet”, that is, on ships that do not belong to Western shipping companies and are not insured by Western companies.
2023-12-05 05:16:09
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