New sanctions reach Russia

The High Representative of the European Union (EU) for Foreign Affairs and Security Policy, Josep Borrell, in his statement at the end of the meeting of foreign ministers of the EU countries in Brussels, stated: “12. “We are close to completing work on the sanctions package,” he said.

Borrell affirmed that the package will include individual, economic and sectoral sanctions and said: “12. “The package will include adding more people to the list, new export bans including diamonds, actions to tighten the oil price cap to reduce Russia’s oil revenues and combat sanctions circumvention,” he said.

Approval from Member States is required for new sanctions to come into force.

EU SANCTIONS ON RUSSIA

The EU has so far applied 11 packages of sanctions due to Russia’s attempt to invade Ukraine. In this context, a wide range of restrictions were imposed on Russia, including trade, finance, energy, industry, technology, transportation, dual-use and luxury goods, including oil, coal and gold.

The EU implemented the ban on importing seaborne oil from Russia and the decision to set a maximum price of $60 per barrel on December 5, 2022.

In this context, if Russian oil is sold to third countries at a price higher than the determined price, companies in G7 and EU countries cannot provide various services such as transportation, insurance and brokerage for this oil. In order to provide these services, Russian oil must be traded below the maximum price.

Recently, Russian oil has been trading above the maximum price set in international markets. (AA)