Lawyer Heleen over de Linden, who specializes in sanctions law between Russia and the European Union, doesn’t think a boycott of Russian crude will cause existential problems in Europe. In fact, it will hit Russia even harder.
However, he immediately qualifies the situation: ‘It’s difficult to say at the moment. We may feel it, but we are not shooting ourselves in the foot with the measure and Russia gets away with it. Surely they will hear it a lot, and this is also read in the Russian press. The Russians think it’s a heavy and annoying measure, so it will affect both.”
The sanction, which calls for a boycott of Russian oil, stipulates that it can no longer be transported. “Today’s news was that diesel is not covered by that boycott,” he continues. “But services related to crude oil are also prohibited. Insurance, organization, brokerage services, you name it. These are also important points that will be hit hard by the sanctions.’
Outside Europe
However, the European boycott does not mean that Russia can no longer sell its oil anywhere, Over de Linden also points out. “Of course we cannot determine or influence the legislation of other countries,” he continues. ‘Countries outside Europe are not participating, although we hope they will. The introduction of a price cap was agreed with the G7, but these rules do not in themselves have an extraterritorial effect. So we can’t impose it on other countries.’
He continues: ‘It is also clearly and conveniently stated in the Sanctions Regulation that all kinds of liability can arise. So, if a vessel sails with goods for which no price ceiling applies to a third country, cooperating insurers and trading companies can no longer provide services to that vessel without incurring penalties. This provision makes it clear that it is a complicated issue and that we must be very careful.’
Source: BNR
Sharon Rock is an author and journalist who writes for 24 News Globe. She has a passion for learning about different cultures and understanding the complexities of the world. With a talent for explaining complex global issues in an accessible and engaging way, Sharon has become a respected voice in the field of world news journalism.
