EU Targets Russia’s Shadow Fleet as Sanctions Net Widens

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The European Union on 24th February announced major sanctions targeting Russia’s shadow fleet of oil tankers, marking an escalation in efforts to curtail Moscow’s maritime trade operations.

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The EU’s 16th sanctions package on Russia designates 74 additional vessels involved in Russia’s shadow fleet operations, expanding their total sanctioned vessel count to 153. The new measures specifically target operators of unsafe oil tankers.

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In a notable expansion of maritime restrictions, the EU has completely prohibited the temporary storage of Russian crude oil and petroleum products in EU ports, closing a significant loophole that previously allowed such activities under the price cap mechanism.

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To combat sanctions evasion, the EU is implementing enhanced monitoring of third-country involvement. The measures specifically target entities facilitating Russia’s maritime trade operations, including those supporting the shadow fleet’s activities.

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These comprehensive sanctions, coupled with broader restrictions on Russia’s energy sector, aim to significantly impact the Kremlin’s ability to fund its military operations through oil revenue, which remains the most vital source of funding for its campaign in Ukraine.

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Read More at Offshore Energy

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