As part of a new round of sanctions over Russia’s war in Ukraine, the EU is considering shifting away from its existing oil price cap in favor of prohibiting maritime services linked to Russian oil, according to Bloomberg.
If approved by EU member governments, the proposal would bar European firms from offering key services, including shipping and insurance required to transport Russian oil, irrespective of how much it is sold for, sources briefed on the talks told the outlet.
The sources added that a full prohibition would sharply strengthen curbs on Russian oil and simplify sanctions enforcement.
The package would mark the bloc’s 20th since the full-scale invasion began and the EU hopes to approve it by the end of next month.
According to individuals familiar with the matter, several EU capitals have already signaled opposition to replacing the price cap with a services ban, even though sanctions can only be adopted with the unanimous backing of all member states.
Sources also told Bloomberg that the EU is also set to put forward additional curbs on Russian banks and energy firms, expand measures targeting cryptocurrency providers and financial institutions in third countries that assist Moscow in evading sanctions, and add more so-called shadow fleet ships to the blacklist.
The package could introduce new trade curbs on additional firms, restrict access to materials Russia uses in weapons production, and curb imports of a range of Russian metals.
Ukraine yesterday urged the EU not to be afraid of taking more serious action against Russia’s shadow fleet, including “physical” measures.
President Volodymyr Zelensky last week also told journalists that Europe is moving too slowly on sanctions and that its delays are putting the continent at risk.