The EU tightens sanctions: Russian oil faces complete blockades

The Russian oil price limit may vary significantly if the EU imposes a complete ban on maritime services, as proposed by Finland and Sweden.

The European Commission is consulting with G7 partners on the future of price restriction before presenting a new package of sanctions against Russia. Among the measures under consideration is a complete ban on offering maritime services, including security, transport and access to ports, for vessels transporting Russian oil and oil products, Euronews reports.

So far, such services have only been allowed for tankers matching the G7 price limit, which recently decreased to $4.10 per barrel. This dynamic model applies to the EU, the United Kingdom, Canada and Japan, while the United States still maintains the $60 limit.

The introduction of a complete ban would make limiting the price not implemented in the EU, as all services for Russian ships would be banned without exception. Finland and Sweden believe such a move would increase costs for the Russian oil industry, it would be easier to implement and reduce abuse through counterfeit documentation.

However, some member states are concerned, especially if other G7 countries do not support the initiative, as the decision would require unanimity among all 27 members.

Brussels is trying to coordinate measures with Washington, which previously sanctioned Rosneft and Lukoil. However, the US is cautious about changing the maximum price, in part because of continued peace talks between Russia and Ukraine.

In addition to maritime services, the new package of sanctions could expand the black list of the so-called <x0flont”, sanction subjects that help Russia bypass sanctions and prevent imports of certain Russian metals.

The EU wants to approve its 20th sanctions package by 24 February, as war enters its fourth year, with a message for continued strong support for Ukraine.