EU allowed confiscation and sale of oil from tankers violating sanctions against Russia
The 21st package of sanctions also stipulates fixing the price cap on Russian oil at $44 per barrel for a period of one year.
The European Union, as part of its 21st package of sanctions, has approved a mechanism allowing member states to confiscate and sell Russian oil from "shadow fleet" vessels attempting to circumvent the bloc's sanctions. The relevant decision of the EU Council was published in the "Official Journal of the European Union," writes Moscow Times.
As a senior European Commission official explained in a conversation with Euractiv, the new provision gives member states the right to confiscate cargo from tankers after their detention during maritime operations. The publication clarifies that this applies not only to oil but also to grain. Funds obtained from the sale cannot be transferred to Russian individuals or legal entities, the document emphasizes.
The document prohibits EU companies from providing services, including insurance, to tankers selling oil above the established price cap.
According to European Union estimates, this could cost the Kremlin $3.5 billion in lost revenue over the next year — provided that the price of Urals oil is $60 per barrel. However, in early July, Urals traded at around $50 per barrel, and after the resumption of the US war against Iran, its price rose to $80 per barrel, notes Euractiv.
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