The EU chooses to lay back its restrictions on Russian oil exports.

Entrepreneur World
2 Min Read

The EU will allow deals demanded for Russian state- possessed companies to vend oil painting to third countries, the EU Council said in a statement on Thursday.
“ With a view to avoid any implicit negative consequences for food and energy security around the world, the EU decided to extend the impunity from the prohibition to engage in deals with certain state- possessed realities as respects deals for agrarian products and the transport of oil painting to third countries, ” the statement read.

This provision means that Russian state- possessed companies, including Rosneft, Gazprom Neft, and Sovcomflot, are now allowed to conclude deals with Europeans on the transport of oil painting to third countries.
In March, the EU introduced a ban on deals between European companies and Russian pots, including energy majors Rosneft, Transneft, Gazprom Neft, and Russia’s largest shipping company Sovcomflot, among others. Deals involving the import or transportation of natural gas, oil painting, petroleum products and a number of essence were originally allowed as exceptions.

still, as part of the sixth warrants package introduced last month, the EU assessed a partial proscription of Russian oil painting, banning ocean shipments of oil painting to the EU and proscribing European companies from assuring and reinsuring ocean shipments of Russian oil painting and oil painting products to countries outside the European Union.
As a result, major energy players similar as Vitol, Glencore, Trafigura, Shell and Total stopped trading Russian oil painting for third countries. Now, still, they will be suitable to renew business with Russia. The legal details of the new provision will be published in the Official Journal of the EU.

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