Bloomberg: The European Union Has Come Up With A New Way To Fight Russian Oil

• 31.01.2026, 10:52

This will tighten the restrictions considerably.

The European Union is considering a proposal to replace the restriction of prices for Russian oil with a ban on services for its maritime transportation as part of the 20th package of sanctions against Moscow for the war in Ukraine. This is reported by Bloomberg.

It is noted that if this move is supported by EU member states, European companies could be banned from providing such services as insurance and transportation required for the transportation of Russian oil, regardless of the price of the goods.

"A complete ban would significantly tighten the restrictions imposed on Russian oil and make it easier to enforce the sanctions," the interlocutors told the publication.

Importantly, the EU is seeking to approve the new package by the end of February. Russia's oil revenues are considered vital to sustaining the Russian economy during the war against Ukraine. Oil supplies from Russia have fallen to their lowest level since the invasion amid US and European sanctions and low prices.

The EU is also expected to propose additional restrictions on Russian banks, oil companies, cryptocurrency services and financial institutions in third countries that help Moscow circumvent the bloc's sanctions as part of the new sanctions package. The sanctions list will again include vessels of the "shadow fleet".