The European Union has issued new sanctions against Russia, targeting the use of old and poorly maintained tankers, known as the “shadow fleet,” to sell crude oil above the price cap set by Western allies. These tankers have been used by Moscow to circumvent restrictions on oil trade and generate revenue essential for funding the war on Ukraine.
The sanctions were agreed upon by ambassadors of the 27 EU member states and mark the 15th package since the start of the Russian invasion in February 2022. The restrictions also include blacklisting Chinese companies suspected of aiding Russia’s production of drones.
Although specific details of the sanctions were not immediately available, they are believed to be aimed at preventing the “shadow fleet” from conducting deceptive practices such as falsifying data and engaging in ship-to-ship transfers to conceal the origin of oil barrels. The poor condition of these tankers poses a significant risk of environmental disasters near European waters.
Despite these risks, Russia continues to rely on the “shadow fleet” to trade its crude oil, which accounts for a significant portion of its export earnings. The sanctions are part of ongoing efforts by the EU and its G7 partners to maintain pressure on the Kremlin and hold Russia accountable for its actions in Ukraine.
The EU has also expressed concerns about the environmental impact of the “shadow fleet” and the lack of proper insurance coverage on these vessels. The sanctions target around 50 ships belonging to the fleet, with previous packages already placing restrictions on 27 ships to prevent them from accessing EU ports and services.
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