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Russia Is Running Out of Soldiers, Oil, and Time
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OilPrice.com Daily News Update
The EU cap affects Russian seaborne crude oil and petroleum products exported to third countries outside the EU, most notably China and India, as the EU has already banned all direct imports of Russian oil into its own borders.
At the same time, the EU took further measures against Russia’s shadow fleet, and against the ecosystems that support it.
Another major escalation allows EU countries to confiscate and sell oil cargoes discovered on detained shadow fleet vessels.
More specifically, the bill would impose duties of up to 100% of the value of all goods from the worst five offenders, with similar taxes being applied to countries judged to have facilitated Russian oil sanctions evasion.
Moreover, tariffs of up to 500% would be applied to all goods imported directly from Russia, including oil, natural gas, LNG, petroleum products and coal.