As part of the 20th sanctions package, the EU has implemented new restrictions against the Russian oil sector and the LNG market, as well as banning the import of platinum, copper, nickel, aluminum products, molybdenum, and cobalt, according to the regulation published on April 23. Council of the EU.
The anticipated ban on providing services for the transportation of Russian oil is absent from the new package. However, the EU Council stated that the measures include "a basis for a future ban," which will be coordinated with the G7. As noted in the regulation, it is deemed appropriate to amend the price cap on Russian oil and oil products. New restrictions are expected to be introduced at the suggestion of the EU foreign affairs representative. "This will allow alliance members to promptly block maritime logistics for Russian oil in the event of changes to the price cap parameters," the document states.
The EU has considered banning services for maritime transportation of Russian oil as an alternative to the price cap mechanism, noted analysts at Kpler.
Currently, if the price of crude does not exceed the cap, companies from EU and G7 countries are allowed to participate in the transport of oil from Russia. On February 1, the EU and the UK decreased the limit to $44.1 per barrel, down from the previous $47.6 per barrel. The price cap is set to be reviewed every six months to remain at 15% below the average market price.
According to S&P Global, the desire for full support from the G7 may delay the decision on banning services for the transportation of Russian oil for several months. Representatives from major shipping economies, including Malta, Greece, Hungary, and Slovakia, opposed the ban, as analysts indicated.
Data from S&P Global Commodities at Sea and Maritime Intelligence Risk Suite revealed that in March, G7-affiliated tankers accounted for 20.3% of Russian oil exports, which amounted to 3.4 million barrels per day. This marks a decline from 29.2% in February and is the lowest level in ten months. G7-affiliated tankers are reducing the transport of Russian crude due to the rising prices following the onset of the Middle Eastern conflict.
- The EU sanctions have affected Bashneft (largest shareholder - Rosneft), Slavneft (owned by Rosneft and Gazprom Neft), the ports of Primorsk and Tuapse, as well as 12 refineries in Russia, including those operated by LUKOIL.
- In total, an additional 46 vessels are now banned from entering ports and providing maritime services, bringing the blacklist to 632 tankers.
- The EU has imposed restrictions on the sale of tankers from EU countries to prevent their eventual use by Russia, according to the document. European nations are now required to provide documents stating that tankers are "not for the Russian Federation."
- Furthermore, the ports of Murmansk and Karimun in Indonesia are now subject to European restrictions.
According to a report by Reuters, Karimun became one of the main transshipment points for Russian oil products in 2025, which were later exported to Malaysia, Singapore, and China. In December, the volume of shipments was estimated at 300,000 tons.
Serghei Tereshkin, CEO of Open Oil Market, states that it is likely that transportation of crude from Russia will increasingly rely on tankers registered outside the EU and major OECD countries. The reduction in re-export through the Karimun terminal carries risks, but another similar location will probably be found, he adds. Overall, he indicates that the primary impact of the current sanctions package will be an increase in logistics costs. However, unlike the U.S., the EU lacks a mechanism for monitoring previously imposed restrictions.
Regarding LNG, the EU plans to introduce a ban on providing services to Russian companies at LNG terminals starting January 1, 2027. The European Commission believes that this ban serves as an automatic basis for EU LNG terminal operators to terminate long-term contracts with Russian companies. Verba Legal advisor Marat Samarsky mentions that common foreign policy and security policy take precedence over other branches of law. "We have seen this in historical cases and in more recent ones where the court upheld the immediate introduction of sanctions without checking the grounds due to some urgency of effectiveness," he notes.
Services related to LNG terminals include, among others, unloading, storage, dispatch, mooring, regasification, liquefaction, loading into tank trucks, bunkering of LNG, including temporary storage, and more. The Yamal LNG facility (50.1% owned by NOVATEK, 20% by TotalEnergies) has a 20-year agreement with Belgian Fluxys LNG for the use of an LNG transshipment tank at the terminal in Zeebrugge. Since April 2025, a ban on the re-export of Russian LNG to third countries has been implemented in EU ports, after which Russia increased its supplies to the European market.
The new sanctions also impose a ban on technical, financial, or brokerage services for Russian LNG tankers and icebreakers starting April 25, 2026.
As reported, the ban on importing LNG to the EU under long-term contracts will take effect on January 1, while the ban on short-term contracts will start on April 25, 2026. Due to the ongoing conflict in the Middle East, there have been sporadic calls from European businesses to reconsider this ban. For instance, Claudio Descalzi, CEO of Italian group Eni, indicated that it is still unclear how the bloc can compensate for the loss of around 20 billion cubic meters of Russian LNG. However, the European Commission maintains its original intentions. Recently, Energy Commissioner Dan Jørgensen stated that the EU will not abandon its plans to cease purchasing any Russian energy, as it would be "a huge mistake."
Analysts do not expect substantial effects from the new restrictions on metal supplies for Russia. As noted, Norilsk Nickel reported in its 2024 financial statements that it has redistributed a significant portion of sales volumes of copper, nickel, and precious metals from Europe mainly to Asian and Russian markets.
Source: Kommersant
