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A year after the introduction of a ceiling on the price of Russian gas exports, Brussels is working on further tightening restrictions, DPA reported.
In view of the fact that the sanction instrument was not as effective as expected, monitoring measures and documentation requirements should be tightened in Brussels, according to the information available to DPA.
Thus, it will become more difficult for transport companies to circumvent sanctions in the future.
According to the ideal scenario, the decision to tighten the ceiling on the price instrument could be taken by the end of the year as part of the 12th package of EU sanctions aimed at dealing a blow to the Russian economy because of the war in Ukraine. The new sanctions also include a proposal to restrict the trade in diamonds from Russia.
The price ceiling came into force a year ago on that day along with an additional ban on Russian oil imports into the EU. The aim of this measure is to force Russia to sell oil to consumers in other countries for a maximum of $ 60 per barrel.
For exports to non-EU countries, oil exports by sea can only take place if the price does not exceed the ceiling imposed.
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Thus, Western maritime companies can continue to use their ships to transport Russian oil to countries such as India, China and Egypt. The regulation also applies to other important services such as insurance, maintenance and financial services.
The hope is that the price ceiling will ease tensions in the energy market in the long run, as well as mitigate the burden on third countries. The goal is also to ensure that Russia does not benefit further from the growth of oil prices and replenish its military budget.
According to researchers from the Kiev School of Economics, the latest data show that in October, 99 percent of Russian crude oil was exported by sea at a price above $ 60 a barrel.
In addition, Russia can increasingly rely on a "shadow fleet," that is, ships that are not owned by Western companies or insured by Western insurers.
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