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EU Decides To Lift Sanctions on Russian Sale of Food or Oil

July 23, 2022 (EIRNS)—A statement released by the EU Council today reads: “With a view to avoid any potential negative consequences for food and energy security around the world, the EU decided to extend the exemption from the prohibition to engage in transactions with certain state-owned entities as regards transactions for agricultural products and the transport of oil to third countries.”

As RT reports this: “This provision means that Russian state-owned companies, including Rosneft, Gazprom Neft, and Sovcomflot, are now allowed to conclude deals with Europeans on the transport of oil to third countries.”

RT notes that the sixth EU sanctions package introduced last month imposed a partial embargo of Russian oil, banning sea shipments of oil to the EU and prohibiting European companies from insuring and reinsuring sea shipments of Russian oil and oil products to countries outside the European Union. “As a result, major energy players such as Vitol, Glencore, Trafigura, Shell and Total stopped trading Russian oil for third countries. Now, however, they will be able to resume business with Russia. The legal details of the new provision will be published in the Official Journal of the EU.” This appears to be a major “blink” by the EU.

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