EU embargo on imports of Russian crude oil by sea comes into effect

By Burc Eruygur

ISTANBUL (AA) - An EU embargo on imports of Russian crude oil by sea, which was adopted by the EU Commission on June 3 as part of a sixth package of restrictive measures against Moscow, came into effect on Monday.

According to the sanctions package, the bloc introduced a complete import ban on all Russian crude oil and petroleum products carried on maritime routes, which the EU says "covers 90% of our current oil imports from Russia."

"The ban is subject to certain transition periods to allow the sector and global markets to adapt, and a temporary exemption for pipeline crude oil to ensure that Russian oil is phased out in an orderly fashion," a statement following the adoption of the package said.

The statement also indicated that EU countries that have a "particular pipeline dependency on Russia" can be temporarily exempt from the sanctions on the condition they receive the oil by pipeline.

"Member States benefiting from this exemption will not be able to resell such crude oil and petroleum products to other Member States or third countries," it added.

The sanctions come into effect as the EU Commission proposed a $60 price cap per barrel for oil transported from Russia by sea on Thursday.

Russian officials have announced that they would refuse to sell oil to countries agreeing to the price cap, while talks are still underway amid demands for lower and higher price caps from certain EU member states.