EU may replace price cap on Russian oil with complete ban on maritime services, — Bloomberg

A complete ban would simplify control and significantly increase pressure on crude oil exports from Russia.

The EU is considering abandoning the price ceiling for Russian oil in favor of a total ban on insurance, chartering and other maritime services for its transportation, regardless of price. Bloomberg reports.

At the same time, the 20th sanctions package is preparing new restrictions for Russian banks and oil companies, crypto services and financial institutions in third countries that help circumvent sanctions, as well as expanding the list of “shadow fleet” vessels.

The framework of the package has already been presented to the member states. It is planned to approve it by the end of next month. At the same time, unanimity is required for adoption, and several countries are currently opposed to replacing the price ceiling with a complete ban on services.

Recall that the “price ceiling” for Russian oil is reviewed every six months, remaining 15% below the average market price for Urals. From February 1, it will be $44.1/barrel.

Also the day before, the French Foreign Minister demanded that the 20th package of EU sanctions hit hard on the Russian “shadow fleet”.