EU approves sale of confiscated Russian oil from shadow fleet
The European Union has agreed to allow member states to sell crude oil and other commodities seized from Russia's 'shadow fleet' of tankers that are evading the G7 oil price cap. The provision, part of the EU's 21st sanctions package since Russia's 2022 invasion of Ukraine, enables capitals to confiscate and sell cargo from vessels boarded in naval operations. Recent seizures include a Belgian operation in March on a tanker carrying up to 330,000 barrels worth $26 million, and a French seizure of a ship with 600,000 barrels worth $48 million. Moscow has condemned the actions as 'piracy' and threatened retaliation. The package also freezes the oil price cap at $44 per barrel for 12 months, which the EU estimates will cost the Kremlin $3.5 billion in lost revenue. EU top diplomat Kaja Kallas stated that every illicit voyage helps sustain Russia's war machine and that the EU is matching sanctions with action at sea.
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