EU approves sale of confiscated Russian oil from shadow fleet

Published Jul 23, 03:52 PM UTC

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 G7 sanctions. The provision, part of the EU's 21st sanctions package since Russia's 2022 invasion of Ukraine, addresses what to do with cargo confiscated during naval operations. Recent seizures include a Belgian operation in March (330,000 barrels worth up to $26 million) and a French seizure in Murmansk (600,000 barrels worth $48 million). Moscow has condemned the actions as 'piracy' and threatened retaliation. The package also freezes the G7 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 linked the maritime actions to sustaining Russia's war machine, stating the bloc is matching sanctions with 'action at sea.'