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Russian Oil: EU decides to ease sanctions on Russian oil exports

by WOOWinvest
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Russian Oil: EU decides to ease sanctions on Russian oil exports

The European Union will allow Russian state-owned companies to sell oil to third countries for deals needed, the European Council said in a statement on Thursday.

“In order to avoid any potential negative impact on food and energy security around the world, the EU has decided to extend the

Oil is shipped to third countries,” the statement read.

The rule means Russian state-owned companies, including Rosneft, Gazprom and Rosneft, are now allowed to strike deals with Europeans for oil shipments to third countries.

In March, the European Union banned deals between European companies and Russian companies, including energy giants Rosneft, Transneft, Gazprom and Russia’s largest shipping company, Sovcomflot, among others. Transactions involving the import or transportation of natural gas, oil, petroleum products and some metals were initially allowed as exceptions.

However, as part of the sixth sanctions package introduced last month, the EU imposed a partial embargo on Rosneft, banning the seaborne oil to the EU and prohibiting European companies from insuring the maritime transport of Russian oil and petroleum products to countries outside the country. and reinsurance. EU.

As a result, major energy companies such as Vitol, Glencore, Trafigura, Shell and Total stopped trading Russian oil for third countries. However, now they will be able to resume business with Russia. The legal details of the new provisions will be published in the Official Journal of the European Union.

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