EU To Ban Sale Of Tankers To Russia To Curb Shadow

The European Fee is proposing to ban the sale of tankers for crude oil and petroleum merchandise to Russia to forestall Moscow bypassing western sanctions on Russian oil with a shadow fleet of ships, a proposal by the Fee confirmed. 

The proposal, mentioned on Friday by ambassadors of EU governments, additionally says that gross sales of tankers to a 3rd nation ought to embody contractual clauses that ships can’t be re-sold to Russia or used to hold Russian crude oil or petroleum merchandise that keep away from western value caps – within the case of crude oil of $60 per barrel. 

“The worth cap mechanism depends on an attestation course of that allows operators within the provide chain of sea-borne Russian oil to show that it has been bought at or beneath the value cap,” the Fee proposal, seen by Reuters, stated. 

“To additional assist the implementation of, and compliance with, this mechanism whereas growing boundaries to falsification of attestations, (the proposal) introduces a requirement for attestations to additionally embody itemized ancillary prices, reminiscent of insurance coverage and freight,” it stated. It stated this data needs to be shared by way of the availability chain, with an acceptable transitional interval.

 (Reuters – Reporting by Philip Blenkinsop, writing by Jan Strupczewski)