EU proposes to impose sanctions against 11 Russian vessels

The EU has proposed to impose sanctions on 11 vessels that contribute to Russia's ability to continue its war against Ukraine with profits from its raw material exports.

Source. Bloomberg reports.

The restrictions may include four petrol tankers, two crude oil tankers, two gas tankers that Novatek intends to use in its LNG transshipment project in Kamchatka, and one cargo ship.

According to a draft document seen by Bloomberg, the restrictions will apply to insurance and maintenance, and European providers will be prohibited from conducting cargo handling operations involving the sanctioned vessels. These sanctions will be part of the 14th package, which also proposes to ban the transshipment of Russian LNG from the EU to third countries.

The vessels involved in Novatek's LNG projects are already under US blocking sanctions.

Due to the restrictions imposed, the Arctic LNG-2 project was effectively blocked: "Novatek had to limit gas production, and the transportation of equipment for the project was threatened. According to Bloomberg, the sanctions proposed by the EU seem less severe than those imposed by the US Treasury.

Background. As Bloomberg wrote, US sanctions have almost completely halted the production and export of Russian liquefied natural gas – Moscow's plans to ship LNG to Asia via the Eastern Sea Route have been disrupted by a lack of icebreakers and sanctions.