EU ambassadors are expected to discuss the issue on Friday.
At the heart of the proposal is the possible removal of the price cap on Russian oil and the introduction of a ban on maritime services for entities involved in transporting Russian crude.
Brussels wants the measures to be closely coordinated with key international partners to maximise their impact.
Polish Radio’s Brussels correspondent, Beata Płomecka, first reported on the Commission’s key demand following consultations with European capitals.
The price cap on Russian oil was introduced in December 2022 by the EU and the G7 to strengthen the effectiveness of sanctions. However, Brussels now argues that the mechanism has failed to deliver the intended results and has instead contributed to the emergence of Russia’s so-called “shadow fleet”.
As a result, the Commission is considering abandoning the cap in favour of a comprehensive ban on maritime services.
Such a ban would prevent EU-flagged vessels from transporting Russian oil, while ships from outside the bloc would be denied access to European insurance services and ports if they carried Russian crude.
Before presenting the draft sanctions package, the Commission wants to consult on the feasibility of introducing the maritime services ban jointly with the EU’s G7 partners - Japan, Canada, the United States and the United Kingdom.
The timeline for adopting the 20th sanctions package remains unchanged, with an agreement expected by the fourth anniversary of Russia’s full-scale invasion of Ukraine, just over two weeks from now.
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Source: IAR