EU Lets Member States Sell Seized Russian Oil Amid Sanctions

The European Union has given its member states permission to sell Russian oil seized from vessels evading sanctions, according to Euractiv. The new sanctions package allows countries to confiscate cargo transported by Russia's shadow fleet after vessels are boarded as part of a maritime operation.

Examples of vessel seizures include Belgium seizing an oil tanker in the North Sea worth up to $26 million and France taking control of another vessel carrying approximately $48 million worth of oil. Moscow has described such seizures as 'piracy' and threatened to respond 'by all necessary means.'

The sanctions package, the EU's 21st since Russia launched its full-scale invasion of Ukraine in 2022, also freezes the oil price cap for 12 months. The current price cap stands at $44 per barrel, but would have increased to $58 per barrel without the agreement.