The European Union’s executive arm is set to propose a new package of sanctions targeting Moscow’s covert fleet of oil tankers as it seek to crank up pressure on Russia over its war against Ukraine.
The sanctions suggested by the European Commission will cover 60 individuals and entities as well as include restrictions on some 150 vessels, according to people familiar with the matter. That would bring the total number of listed ships to more than 300, one of the people said. They spoke on condition of anonymity to discuss private deliberations.
Moscow assembled the “shadow fleet” of aging and sometimes uninsured vessels to skirt sanctions and a price cap imposed by the EU and its allies. Russian oil has therefore continued to reach world markets, leading European capitals to call for more stringent sanctions on Moscow’s energy revenue in a bid to pressure President Vladimir Putin to end his war in Ukraine.
Read More: Ukraine Says It Detained Grain Ship From Russia’s ‘Shadow Fleet’
The bloc’s foreign ministers aim to formally adopt the proposed measures in time for a meeting in Brussels scheduled for May 20, the people said. If passed, the new measures would be the bloc’s 17th package of sanctions since Russia’s full-scale invasion of Ukraine in February 2022.
EU sanctions require the backing of all member states and the proposals could change before they’re approved. The bloc’s measures need renewing every six months, with the next deadline coming up in July. Hungary has repeatedly threatened to veto the measures, before backing down on each occasion.
Still, the EU is exploring ways to extend its sanctions against Russia without requiring the support of all 27 member states, Bloomberg News earlier . Among other options, the commission is assessing whether it can convert some restrictions into trade measures, which don’t require unanimous consent of all member states but only a qualified majority for approval.
Photograph: Ships anchored along the stretch of East Coast Road in stormy weather in Singapore on Friday, June 14, 2024. Photo credit: Aparna Nori/Bloomberg
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