The European Commission has proposed a new round of energy sanctions that targets 30 additional shadow fleet vessels, introduces a service ban, and freezes oil price cap adjustments until January next year.
European Commission President Ursula von der Leyen announced the 21st sanctions package on Tuesday in Brussels, noting that the measures focus on high-impact sectors including energy, finance, cryptocurrency, and trade. For the first time, the restrictions will cover fisheries and place an entry ban on former Russian combatants into the European Union.
The European Commission chief explained that the energy sanctions are designed to counter eased pressure on Russia resulting from Middle East instability and global supply chain disruptions. She noted that the current oil price cap mechanism was not designed to handle major market shocks like the closure of the Strait of Hormuz. By freezing the built-in price adjustments until next January, the EU aims to give markets time to stabilize while successfully curbing Russia’s oil revenues.
Efforts to restrict the shadow fleet are also expanding. In addition to the 632 vessels already sanctioned, the European Commission wants to add 30 more ships and target service vessels that provide bunkering and assistance to the shadow fleet. The proposal also includes measures against ports, airports, and refineries involved in trading or processing Russian oil, alongside new restrictions on selling energy tankers to Russia.
