New EU sanctions against Russia

The permanent Representatives of the European Union countries have agreed on the 18th package of sanctions against Russia, which, according to the head of the European Diplomacy, K. Kallas, is one of the toughest in history. The following key initiatives were announced as part of the new measures:

• Sanctions against 105 vessels of the shadow fleet: The European Commission suspects these vessels of transporting Russian oil in circumvention of the established price ceiling. It is not yet clear whether the sanctions apply only to tankers or all types of vessels.

• Lowering the ceiling on Russian oil prices: The new ceiling could be $47.6 per barrel, which is lower than the current level of $60.

• Sanctions against the ship&s registrar: This means that one of the flags of convenience will become unavailable, and other registration organizations may come under pressure.

• Sanctions against refineries in India: The European Commission links this refinery (Vadinar with a capacity of 20 million tons/year) with Rosneft.

• Blocking of the Nord Stream gas pipelines: Although none of these pipelines are operational, the EU is committed to preventing their possible restoration.

According to the established procedure, the agreed package of sanctions must be officially approved in writing, after which it will be published in the Official Journal of the EU. It is expected that the publication will take place on July 19, which will allow us to finally understand the structure of the new measures.