The European Union proposed prohibiting access to its ports for vessels that attempt to circumvent sanctions on Russian oil as it seeks to deter transport of its crude and products below the price caps set by the Group of Seven nations.
The measure is part of a broader package of sanctions on Russia following the country’s invasion of Ukraine, according to EU documents seen by Bloomberg, Report informs.
With price caps on Russian crude and petroleum products already in place, the focus is now on closing loopholes and more effective enforcement of the restrictions.
According to the new sanctions, the vessels that evade sanctions or are suspected of evasion through the transshipment of oil must be taken out of the ports and sluices.