After the EU proposed to ban the import of Russian oil, it is now considering to also prohibit European companies from providing maritime transport for Russian petroleum, anywhere in the world.
According to reports from Reuters and Bloomberg, the European Commission is thinking to cut off Russia’s access to European tankers and the insurance cover obtained in the City of London.
Despite Brexit, the UK’s market-dominating marine insurance industry would have to abide by an EU ban on service provision for Russian oil cargoes, Bloomberg reports.
Earlier, the European Commission has proposed a plan to phase out Russian oil imports, increasing its efforts to cut off a key source of funding for the Kremlin.
The proposal still has to be approved by member states, and reflects extended negotiations regarding how far the European Union should go to penalize and isolate Russia for its war in Ukraine.
The phaseout will be more gradual than the immediate embargo some countries had been pushing for, banning oil imports after six months and refined petroleum products by the end of the year.
The oil plan is the centerpiece of E.U.’s sixth round of sanctions, a package that would also remove Russia’s biggest bank, Sberbank, and two others from the SWIFT payment system.
The international community – including the EU, the US and the UK – has also introduced significant sanctions towards Russia, with shipowners associations also condemning in the strongest terms Russia for the on-going war and invasion of the sovereign state of Ukraine.
As informed, the associations stand firmly behind the measures adopted to end the war and the sanctions adopted by the EU. Additionally, they welcome the EU member states’ adoption of the 5th sanctions package including the sanctions proposed on maritime transport
