The new rules include a lower oil price cap, expanded bans on Russian petroleum products, and restrictions on shadow fleet vessels.
This adjustment brings the cap to roughly $47.60 per barrel, significantly lower than the G7’s $60 limit.
The EU will also ban all petroleum products derived from Russian crude, though exemptions remain for imports from Norway, Britain, the U.S., Canada, and Switzerland.
Efforts to curb Russia’s shadow fleet—older tankers used to bypass sanctions—have intensified, with 105 more vessels barred from EU ports.
Transactions linked to Russia’s Nord Stream pipelines will be prohibited, including goods and services tied to the project.
Export bans now cover additional chemicals, plastics, and machinery, while 26 new entities—including firms in China, Hong Kong, and Turkey—face blacklisting for sanctions evasion.
Approval of the package was delayed by Slovakia and Malta, with Slovakia securing guarantees against losses from a future EU ban on Russian gas imports. - Reuters
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