EU ban in Russian crude oil imports by sea applied| MENAFN.COM

Monday, 06 February 2023 04:30 GMT

EU ban in Russian crude oil imports by sea applied

(MENAFN) An EU restriction on imports of Russian crude oil by sea, which was applied by the EU Commission on June 3 as part of a sixth package of restrictive embargo aimed at Moscow, was applied on Monday.

Based on the sanctions package, the bloc introduced a full import restriction on all Russian crude oil and petroleum goods carried on maritime ways, which the EU states "covers 90 percent of our current oil imports from Russia."

"The ban is subject to certain transition periods to allow the sector and global markets to adapt, and a temporary exemption for pipeline crude oil to ensure that Russian oil is phased out in an orderly fashion," according to a declaration after the adoption of the package.

The declaration further showed that EU nations that have a "particular pipeline dependency on Russia" can be temporarily excepted from the bans on the condition they receive the oil by pipeline.

"Member States benefiting from this exemption will not be able to resell such crude oil and petroleum products to other Member States or third countries," it further read.


Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.