EU Tightens Sanctions on Russia's Shadow Fleet

The European Union has introduced new sanctions against Russia, focusing on Moscow's shadow fleet of oil tankers amid the ongoing war in Ukraine. Nearly 200 ships are targeted in this 17th sanctions package. The EU aims to further tighten the price cap on Russian crude oil.

The European Union has stepped up its sanctions against Russia, focusing particularly on Moscow's so-called shadow fleet of oil tankers. This move comes as part of the ongoing response to Russia's actions in Ukraine, with the EU zeroing in on human rights violations and hybrid threats, according to their foreign policy chief.

Kaja Kallas announced on social media platform X that the EU's 17th sanctions package includes measures against nearly 200 shadow fleet ships. 'More sanctions on Russia are in the works,' she noted, stressing that the EU's response will toughen as long as the conflict continues.

Since late 2022, the EU and its Western allies have been progressively targeting Russia's shadow fleet. These measures aim to enforce the G7 nations' price cap on Russian crude oil, which allows sales to third countries using Western insurance services, provided the oil is priced at no more than $60 a barrel. The EU plans to advocate for an even lower cap at a G7 finance ministers meeting in Canada, addressing Russia's significant oil and gas revenue that is said to finance the war in Ukraine.

(With inputs from agencies.)