The EU plans to ban countries from reselling tankers to the Russian Federation

The European Commission proposes to ban the sale of tankers for the transportation of crude oil and petroleum products to Russia.

 Reuters  writes about this with reference to a European Commission document. The proposal also stipulates that the sale of tankers to third countries must include an obligation that the vessels cannot be resold to Russia or used to transport Russian oil and oil products that are not subject to Western price restrictions.

The commission’s proposal states that “the price cap mechanism will rely on an attestation process that allows operators in the supply chain of Russian oil by sea to demonstrate that it was purchased at a price no higher than the cap.”

Also to further support implementation and compliance with this mechanism, “the proposal provides for a requirement that certificates also include itemized ancillary costs such as insurance and freight.”

The document states that this information should be disseminated throughout the supply chain with an appropriate transition period.

The photo is illustrative.