Measures included in draft versions of the latest EU sanctions against Russia include banning transactions with sanctioned vessels, introducing notification requirements when a ship is sold and contractual clauses prohibiting shipments above the oil price cap, reports Lloyd’s List.
The EU’s 12th package of sanctions against Russia, anticipated imminently, will include actions to tighten the crude oil and refined oil price caps, as well as tightening further the circumvention tactics that have been used by non-EU businesses.
EC President Ursula von der Leyen confirmed in a speech to the Ukrainian parliament in Kyiv that the latest package would be announced soon. Senior industry sources confirmed to Lloyd’s List that enforcement measures targeting “dark fleet” vessels were in the draft text.
According to an early draft, which had been reported by Bloomberg, some of the measures included banning transactions with sanctioned vessels, introducing notification requirements when a ship is sold, and contractual clauses prohibiting shipments above the oil price cap.
An attempt to increase oil-pricing transparency was also being explored. The cap price excludes transport costs, meaning that inflated shipment costs can be manipulated to get around sanctions.
Von der Leyen said in her speech in Kyiv that the new sanctions would include “up to” 100 new listed individuals, new import and export bans, actions to tighten the oil price cap, and tough measures on third-country companies which circumvent the sanctions.