EU Agrees Tougher Sanctions On Russia's 'shadow' Oil Fleet

EU countries agreed Wednesday to blacklist around 50 more oil tankers from Russia's "shadow fleet" used to circumvent Western sanctions over the Ukraine war, officials said

Brussels, (APP - UrduPoint / Pakistan Point News - 11th Dec, 2024) EU countries agreed Wednesday to blacklist around 50 more oil tankers from Russia's "shadow fleet" used to circumvent Western sanctions over the Ukraine war, officials said.

The move -- set to be formally approved by foreign ministers on Monday -- was part of a 15th package of sanctions to be imposed by the 27-nation bloc since Moscow's 2022 invasion.

Ukraine's international backers have looked to curb funds going to the Kremlin's war machine by imposing a price cap and restrictions on Russia's key oil exports.

To skirt the measures, Russia has resorted to using a so-called "shadow fleet" of often aging vessels that operate under dubious ownership or without proper insurance.

"The EU and its G7 partners are committed to keeping a pressure on the Kremlin," European Commission chief Ursula von der Leyen wrote on X.

"I welcome the agreement on our 15th package of sanctions, targeting in particular Russia's shadow fleet."

Diplomats said the new round of sanctions would see some 50 more ships added to the EU's blacklist, taking the number targeted to around 80.

That follows similar moves by Britain and the United States.

Officials said that in addition to measures against Russia's oil exports, the EU was also targeting more Chinese firms for supplying the Russian military.

The bloc has already imposed bans on EU firms doing business with a number of Chinese companies accused of providing Moscow's forces with crucial equipment.

Diplomats said the latest sanctions were less wide-ranging than previous rounds as Hungary, Moscow's closest friend in the EU, holds the bloc's rotating presidency.

There is hope that a more forceful package will be put on the table once Poland takes the helm in January, but officials concede it is becoming harder to find major targets to sanction.

Russia's economy has started to show growing signs of strain after having largely managed to weather Western sanctions over the past few years.