The European Commission has put forward a comprehensive proposal to prohibit all services that facilitate the shipment of Russian seaborne crude oil. This measure aims to tighten restrictions beyond existing sanctions, targeting the entire supply chain involved in transporting Russian oil by sea.
The proposal includes banning services such as insurance, financing, and brokering related to Russian crude exports. It is part of the EU’s ongoing efforts to reduce revenue streams for Russia amid the conflict in Ukraine.
**Why this matters**
Expanding sanctions on services linked to Russian crude oil could significantly disrupt Russia’s ability to export oil, which is a major source of income for the country. This move reflects the EU’s strategy to apply economic pressure in response to the situation in Ukraine and to limit Russia’s access to international markets.
Source: NewsData