“With a view to keep away from any potential damaging penalties for meals and power safety world wide, the EU determined to increase the exemption from the prohibition to interact in transactions with sure state-owned entities as regards transactions for agricultural merchandise and the
oil to 3rd international locations,” the assertion learn.
This provision signifies that Russian state-owned firms, together with Rosneft, Gazprom Neft, and Sovcomflot, are actually allowed to conclude offers with Europeans on the transport of oil to 3rd international locations.
In March, the EU launched a ban on transactions between European firms and Russian companies, together with power majors Rosneft, Transneft, Gazprom Neft, and Russia’s largest delivery firm Sovcomflot, amongst others. Transactions involving the import or transportation of pure gasoline, oil, petroleum merchandise and plenty of metals have been initially allowed as exceptions.
Nevertheless, as a part of the sixth sanctions package deal launched final month, the EU imposed a partial embargo of Russian oil, banning sea shipments of oil to the EU and prohibiting European firms from insuring and reinsuring sea shipments of Russian oil and oil merchandise to international locations outdoors the European Union.
In consequence, main power gamers reminiscent of Vitol, Glencore, Trafigura, Shell and Whole stopped buying and selling Russian oil for third international locations. Now, nonetheless, they are going to have the ability to resume enterprise with Russia. The authorized particulars of the brand new provision might be printed within the Official Journal of the EU.