EU Mulls Ban on Shipping Russian Oil
The EU is weighing the prospect of adding shipping restrictions to its oil sanctions, people familiar with the matter said, Bloomberg reported. The move comes amid discussions over the imposition of a price cap on Russian oil. The prospective shipping ban would bar EU ships from shipping Russian oil sold above a set threshold, Bloomberg reported Sept. 28. The move would most affect Greece. the the world's largest oil tanker-owning country, Bloomberg said.
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The bloc's current oil restrictions include a ban on Russian seaborne oil and the provision of services needed to ship oil globally, along with exemptions for pipeline deliveries. These measures are set to come into force in December for seaborne crude oil and in early 2023 for refined petroleum goods. Shipping was excluded then, given the pressure from Greece and Cyprus, Bloomberg said.
Shipping's inclusion, as first reported by Politico, would need to skirt any potential loopholes and align the oil price cap with the G-7 countries (see 2209020034). The G-7 ministers endorsed a price cap on Russian oil earlier in September after a U.S.-led push to keep global oil prices low while damaging Russia's revenues. All 27 member states would need to support the changes for the measure to pass.