With their 12th package, the EU member states have once again tightened sanctions against Russia. These include oil and LPG.
The extended sanctions include a ban on the import of propane gas (LPG) and further restrictions on trade in Russian crude oil. On the export side, the list of goods that are not allowed to enter Russia has also been extended. [ds_preview]
In principle, Russian oil may not be imported into the EU and may only be traded internationally if a price cap of 60 $/barrel is not exceeded. However, as this price cap is being systematically circumvented and the actual trading price is around $80, the EU is now making adjustments.
EU imposes reporting obligation for traders and shipowners
In future, traders will have to provide proof of transportation and insurance costs on request. Shipowners based in the EU must also report every sale of a tanker to Russian owners to their national authorities for approval. The reporting obligation applies retroactively for one year.
The background to this is that Russia is said to have built up a so-called shadow fleet through purchases in order to be able to continue exporting its oil. A total of around 350 ships with unknown owners are allegedly being used to circumvent the existing sanctions.
