The European Union has officially approved its sixteenth round of sanctions targeting Russia, with a particular focus on tackling the so-called “shadow fleet,” a group of vessels that have been instrumental in circumventing existing oil sanctions.
This latest sanctions package includes a ban on the importation of aluminum from Russia, a significant move given the recent disruption caused by Russian oil tankers to EU maritime operations. Last month, a Russian tanker posed a navigational threat along the German coastline, prompting urgent intervention from German authorities.
The shadow fleet, which often operates without insurance, is engaged in exporting Russian oil, effectively bypassing the established oil price ceiling that restricts the maximum permissible export price per barrel. The new sanctions will target the proprietors, operators, and captains of these vessels, aiming to curtail their activities.
Furthermore, the EU has introduced additional sanctions, including a prohibition on the export of specific products and chemicals to Russia. This comprehensive package also extends to a plethora of new individuals being added to the sanctions list, resulting in the freezing of their European bank accounts and imposing travel bans within EU territories.
These measures reflect the EU’s ongoing commitment to exert economic pressure on Russia, aiming to curb its capacity to finance activities that undermine international stability and security.