BRUSSELS (Reuters) – The European Commission is proposing to ban imports of Russian diamonds and the sale of oil ships to Russia in a twelfth package of sanctions against Moscow since the start of the war in Ukraine in February 2022.
The European Union (EU) seeks to prevent Moscow from circumventing Western sanctions on Russian oil and limit its ability to finance its invasion of Ukraine.
After discussions by representatives of European Union (EU) member states on Friday, the EU executive proposed that tanker sales include contractual clauses preventing the vessels from being resold to Russia or used to transport oil. crude or petroleum products outside the price ceiling defined at $60 per barrel.
“The price cap mechanism relies on an attestation process that allows operators in the supply chain of Russian oil transported by sea to demonstrate that it was purchased at a price equal to or lower than the price cap” , indicates the proposal from the European Commission, consulted by Reuters.
“To further support the implementation and compliance with this mechanism while increasing the obstacles to falsification of certificates, (the proposal) introduces the obligation to include in certificates detailed ancillary costs, such as insurance and freight,” it is added.
This information will need to be shared throughout the supply chain, with an appropriate transition period.
The European Commission also wants to ban imports of Russian diamonds, whether natural or synthetic, and jewelry containing Russian diamonds from January 2024.
The proposal also plans to ban the import, purchase and transfer of diamonds transiting through Russia as well as Russian diamonds processed in third countries, for example in India. This latest ban would be gradually introduced from March 2024.
“This phased implementation of indirect import bans takes into account the need to deploy an appropriate traceability mechanism that enables effective enforcement measures and minimizes disruption to market participants,” says the proposal, consulted by Reuters.
(Report by Philip Blenkinsop; Lina Golovnya, edited by Blandine Hénault)
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