EU Greenlights Sale of Seized Russian Oil Amid Ongoing Sanctions

The European Union has approved a new sanctions package against Russia, which includes a provision allowing member states to sell Russian oil seized from ships used to evade the bloc's sanctions.

This move is aimed at tightening economic pressure on Moscow and comes as part of the EU's efforts to restrict Russia's access to global markets.

The sanctions package also locks in place for 12 months the mechanism that bars EU companies from providing services, including insurance, for tankers carrying Russian oil sold above a certain price cap.

The oil price cap is set at $44 per barrel, and without it, the price would have risen to $58 per barrel. The EU estimates that this will cost Russia $3.5 billion in lost oil revenue over the next year.