EU discusses full ban on seaborne transportation of Russian oil
The European Union has begun discussing the possibility of introducing a complete ban on the seaborne transportation of Russian oil and its insurance by European companies. This measure could replace the current "price cap" mechanism on oil from Russia, which will be lowered to $44.10 per barrel starting February 1. According to Bloomberg agency sources, this idea is being considered as part of preparations for the 20th package of sanctions against Moscow, writes The Moscow Times.
Agency interlocutors note that a complete ban on sea transportation would significantly strengthen sanction pressure and make controlling compliance with restrictions easier. Against this backdrop, and due to increased US sanctions and falling global oil prices, Russia's oil and gas export revenues in 2025 decreased by a quarter and reached a minimum since the pandemic. Analysts believe that in 2026, the Russian budget may miss out on several more trillion rubles.
In addition to oil, the new EU sanctions package may propose additional restrictions against Russian banks, oil companies, crypto services, and financial structures in third countries that help circumvent sanctions. It is also planned to expand the list of vessels of Russia's so-called "shadow fleet."
Separately, the possibility of implementing a mechanism against sanctions circumvention for the first time is being considered — specifically, to introduce a ban on the supply of machine tools and radio equipment to Kyrgyzstan, which has become a key transit point for re-exporting goods to Russia.
Sources also report that the EU may introduce new trade restrictions concerning companies and goods needed by Russia for arms production, as well as prohibit the import of certain Russian metals.
The 20th package of sanctions is planned to be agreed upon by the end of February. However, some EU countries have already expressed disagreement with the idea of replacing the price "cap" with a complete ban on sea transportation of Russian oil. The European Commission has not yet provided official comments.
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