20,000 people chose to be part of the Kyiv Independent community — thank you.

Skip to content
Edit post

EU mulls plan to ban sale of oil tankers to Russia

by The Kyiv Independent news desk November 18, 2023 9:26 PM 1 min read
This audio is created with AI assistance

The European Commission has proposed to ban selling oil tankers to Russia to slow down the country's growing hydrocarbon exports that bypass Western sanctions, Reuters reported on Nov. 17.

Any sales of tankers to a third country would include clauses forbidding the subsequent resale of ships to Russia or freighting Russian oil products in defiance of Western price caps, such as $60 per barrel of crude.    

"The price cap mechanism relies on an attestation process that enables operators in the supply chain of sea-borne Russian oil to demonstrate that it has been purchased at or below the price cap," Reuters reported, citing the document.    

Russia's hydrocarbon exports are a major source of the revenue it uses to maintain its war machine. After sanctions and import restrictions on Russian resources to Western markets, Russia has intensified the sale of oil to countries that haven't joined in, such as India and China.    

Besides producing weapons and ammunition, oil revenue can also be used to pay competitive salaries to mercenaries and contract soldiers, enticing them to fight for against Ukraine.

Even after sanctions, Russian economy can pay for war
The Russian economy has faced unprecedented sanctions since the Kremlin launched the full-scale invasion of Ukraine on Feb. 24. The latest events – the West’s embargo on seaborn oil and price cap on Russian oil sales worldwide – are seen as a blow to the Russian economy, whose backbone is the energ…

Independent journalism needs a community —
not a paywall.

We’re working hard to show the world the truth of Russia’s brutal war — and we’re keeping it free for everyone, because reliable information should be available to all.

More than 20,000 people chose to stand behind us. We’re deeply grateful and overwhelmed with your support. Thank you for making it possible.

Let´s see how far we can go?

News Feed

8:42 PM

Egyptian POW didn't need money, but went to fight for Russia.

Egyptian-born Russian fighter, callsign "Cobra," signed a contract with the Russian army in 2024, abandoning his young wife, university studies and comfortable lifestyle. Now in Ukrainian prison, he's rethinking his choices. Subscribe to our channel for more independent reporting from Ukraine.
MORE NEWS

Editors' Picks

Enter your email to subscribe
Please, enter correct email address
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required
Subscribe
* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Subscribe
* indicates required
Subscribe
* indicates required
Explaining Ukraine with Kate Tsurkan
* indicates required
Successfuly subscribed
Thank you for signing up for this newsletter. We’ve sent you a confirmation email.