The European Commission has put forward a new sanctions package aimed at curbing Russia’s crude oil exports. The proposal targets a wide range of maritime services, including shipping, insurance, and financing, provided by European companies to support the seaborne oil trade. This marks the most extensive set of restrictions the EU has introduced against Russia’s oil sector to date.
By focusing on the infrastructure and services that enable the transportation of Russian crude, the EU intends to disrupt the flow of oil exports more effectively. The measures would extend beyond just banning ships or buyers, aiming to cut off the essential support that keeps oil shipments operational.
**Why this matters**
This move represents a significant escalation in the EU’s efforts to pressure Russia economically amid ongoing geopolitical tensions. By targeting the logistical and financial services behind oil exports, the EU seeks to reduce Russia’s ability to sell crude on international markets, potentially impacting global energy supplies and prices.
Source: NewsData