Today: Thursday, 11 August 2022 year

The European Commission proposed to impose a ban on oil transportation services from Russia in a month

The European Commission proposed to impose a ban on oil transportation services from Russia in a month

The European Commission (EC) proposed in a month to introduce a ban on all services related to the transportation of Russian oil. The ban will affect all shipping, brokerage, insurance and financial services offered by European companies.

This measure is part of the sixth package of sanctions proposed by the European Union on Wednesday. If the ban is approved, the embargo on oil imports from the Russian Federation will come into full force in six months and will affect not only new contracts, but also long-term agreements on the spot market, as well as purchases of Russian fuel, possibly reduced even before the full implementation of all restrictions.

The ban will apply to Russian oil exports around the world, which could limit Moscow’s ability to find alternative buyers of raw materials.

The European Commission on Wednesday submitted proposals on sanctions against the Russian Federation for consideration by the permanent representatives of 27 EU countries. A decision on them is expected at the end of the week, if there are no serious disagreements.

The sixth package of restrictions, in particular, involves a phase-out of Russian oil imports.