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EU Considers New Format Of Oil Sanctions Against Russia

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EU Considers New Format Of Oil Sanctions Against Russia

Bloomberg's sources revealed the details.

The European Union may tie the so-called ceiling on the price of Russian oil to market prices in the world. Such an option is being considered as part of the preparation of the 18th package of sanctions, writes Bloomberg.

According to informed interlocutors of the publication, the proposal envisages setting a floating ceiling that would be 15% below the market price and would be reviewed every three months. But the first step on this path should be the reduction of the ceiling from the current $60 to $50 per barrel.

The idea of lowering the ceiling on the price of Russian oil has so far been resisted by Greece, Malta and Cyprus, whose economies are heavily dependent on shipping services. But they are open to the new proposal, sources said.

As Bloomberg notes, the ceiling on the price of Russian oil has previously been repeatedly criticized for the fact that this type of sanction is not actually implemented in practice. Nevertheless, based on this norm, Europe has imposed additional sanctions against Russian oil export infrastructure.

According to insiders, a new floating ceiling on the price of Russian oil has not yet been agreed upon definitively. However, it is seen as part of the EU's 18th package of sanctions, which is now being blocked by Slovakia. The Fitzo government is demanding their Russian gas be returned to them, or compensated for its loss.

The future level of the price ceiling on Russian oil will also largely depend on the US position. So far, Donald Trump has shown no desire to limit Russia's ability to finance its war of conquest in Ukraine.

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