Julia Shvytkina
06 October 2022 19: 30
Headings: News Policy

The EU adopted the 8th package of sanctions against the Russian Federation: how the price ceiling for Russian oil will work

The new restrictions apply to the sea transportation of Russian oil and petroleum products, services related to crypto wallets, as well as engineering, IT and legal services.

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The EU adopted the 8th package of sanctions against the Russian Federation: how the price ceiling for Russian oil will work

The European Union introduces the next eighth package of sanctions against Russia, should from a press release from the European Council. The item that caused the most discussion and, in fact, delayed new sanctions - these are restrictions on the sea transportation of Russian oil and oil products to third countries if they are bought more than a certain price.

"It is prohibited to provide maritime transportation and provide technical assistance, intermediary services, financing or financial assistance related to maritime transportation to third countries of crude oil or petroleum products that originate in or are exported from Russia. Derogation from the ceiling price will allow the provision of transportation and these services if oil or oil products are purchased at or below a predetermined marginal price", - indicated in the message of the council.

The restriction will be harmonized with the EU embargo on Russian oil imports: December 5 for crude oil and February 5 for petroleum products. In a new package restrictions Union countries allow exceptions for marginal prices for Russian oil if the energy security of a particular country depends on it.

How will this work?

Companies responsible for shipping Russian oil, including shipowners, insurers and underwriters, will be required to ensure that the oil they carry is sold at or below a set price.

If caught helping Russia sell at a higher price, they could face lawsuits in their countries for violating sanctions. New York Times.

At the same time, the publication emphasizes that the EU will take into account business interests Greece, Malta and Cyprus, who profit from the transportation of Russian oil. How exactly this will be taken into account is not reported. It is known that earlier these three countries blocked the sanctions package, not wanting to face losses.

What else is included in the 8th package

Concerning trade, EU distributes import ban steel products produced in Russia or exported from Russia. In addition, there will be restrictions on imports pulp and paper, cigarettes, plastic and cosmetics, as well as elements such as stones and precious metals used in the jewelry industry - products from which Russia as a whole has so far received large profits. In addition, the supply, transfer or export of additional goods used in aviation sector.

In addition, the eighth package of anti-Russian sanctions contains the following items:

  • Sanctions against individuals and legal entities involved in the organization illegal "referenda" , against representatives defense sector and against famous figures spreading misinformation about the war . The council also decided to expand Criteria listing , by including those that make it easier to circumvent EU sanctions .
  • Expansion list of prohibited goods which can contribute to the military-technical strengthening of Russia or the development of the defense and security sector. The list will now include certain electronic components, additional chemicals and items that can be used for the death penalty, torture or other cruel, inhuman or degrading treatment.
  • Prohibition on sale, supply or export civilian firearms and its main components, as well as ammunition, military equipment and equipment, paramilitary equipment and spare parts.
  • Prohibition for citizens of EU Member States to hold positions in governing bodies certain state or state-controlled Russian legal entities, organizations or bodies.
  • Включение Russian Maritime Register of Ships  — 100% of a state organization carrying out activities related to the classification and verification of Russian and non-Russian vessels and vehicles, including in the field of security — to the list of state legal entities subject to the transaction ban.
  • A complete ban on the provision of services related to crypto wallets, crypto accounts or crypto storage to citizens or residents of Russia, regardless of the total value of crypto assets.
  • Prohibition to provide architectural and engineering services, as well as IT consulting and legal services For Russia.

The Council of Europe also decided that from today geographical coverage of restrictive measures introduced on February 23 , including in particular the ban on the importation of goods from non-government-controlled areas of Donetsk and Luhansk regions, will be extended to non-government-controlled areas Zaporozhye and Kherson .

In addition, in addition to restrictions, punishment is provided for participants in schemes to circumvent EU sanctions.

Earlier we wrote that after the EU announced that the eighth package of sanctions had been agreed, OPEC+ countries at the insistence Russia and Saudi Arabia voted to cut oil productionand 2 million barrels per day

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