News

EU and allies seek to tighten sanctions on Russian oil

TH (according to VNA) September 25, 2024 19:00

On September 24, the European Commission (EC) announced that the European Union (EU) and 12 partner countries met in Brussels (Belgium) to discuss the effectiveness of Western sanctions against Russia.

Chú thích ảnh
An oil pumping station in the village of Yamashi in Almetyevsk district, Republic of Tatarstan, Russian Federation

The EU's special envoy for sanctions, David O'Sullivan, chaired the meetings. In a statement, O'Sullivan said this was the fourth time the countries had met in Brussels and the focus of this meeting was to strengthen sanctions.

In 2022, the Group of Seven (G7) and the EU set a price ceiling for Russian seaborne oil at $60 per barrel, effectively denying Moscow access to Western shipping and insurance services if oil is sold at a higher price.

Since late last year, the effectiveness of this measure has been waning as Russia has built up its own fleet of hundreds of tankers. In an effort to ensure that oil is sold below the price ceiling, Western countries, including the EU, began sanctioning ships directly last year.

TH (according to VNA)
(0) Comments
Latest News
EU and allies seek to tighten sanctions on Russian oil