Today, the European Council adopted a new sanctions against Russia in light of the escalation in the war against Ukraine and the Russian annexation of the regions Ukrainians from Donetsk, Luhansk, Zaporizhzhia and Kherson. The package agreed today introduces into EU law the basis for the implementation of a cap on prices for maritime transport of Russian oil destined for third countries as well as further restrictions on the maritime transport of crude oil and products oil to third countries.

In particular, it will be forbidden to provide maritime transport to third countries of crude oil from the next December or petroleum products from February 2023 originating in Russia or exported from Russia and lending technical assistance, brokerage services, financing or financial assistance related to the maritime transport of these products to third countries. By way of derogation from the price ceiling, would allow the provision of maritime and other transport services if oil or petroleum products were purchased at a price equal to or lower than a predetermined ceiling. The new prohibition on EU vessels providing transport services maritime for such products to third countries will apply to from the date on which the Council decides unanimously to introduce the price cap.

The aim of the measure is to drastically reduce revenues that Russia gets from oil after the war has inflated energy prices worldwide. The measure could have a significant impact on the activities of numerous European shipowners, starting with Greek and Cypriot shipowners: they are, in fact, largely tankers flying the flags of EU states to ensure the transport of oil and products Russian oil to third countries.