EU approves 18th sanctions package targeting Russian oil

The European Union has approved its eighteenth package of sanctions against Russia, introducing new restrictions on oil exports. The measures include implementing a dynamic price ceiling for Russian oil, set $15 below market value with reviews conducted at least twice annually. The initial price cap is expected to be established between $45 and $50 per barrel, significantly below the current $60 benchmark.

These sanctions extend to refined Russian petroleum products, particularly affecting diesel fuel imports entering EU nations, including those originating from India. Notably, the EU has blacklisted an Indian oil refinery with Rosneft participation, potentially disrupting fuel supplies since India processes substantial volumes of Russian crude for European markets.

Additionally, the sanctions target over 100 vessels comprising Russia's "shadow fleet" that transports oil, along with companies facilitating sanctions evasion. With these additions, the total number of blocked vessels exceeds 400. The package explicitly prohibits European insurance providers and financial institutions from servicing these shipments.