The EU is working to deploy new sanctions against the Russian shadow fleet by the end of the year; current restrictions affect less than 50% of Russian oil exports.

According to Bloomberg, the sanctions package, which the EU plans to approve by the end of the year, will also include sanctions against those involved in this trade. Member states are still negotiating the details of the sanctions, which must be approved unanimously by the 27 member states.

The EU is also working on a broader package of sanctions, which could include further trade restrictions and higher tariffs on Russian agricultural goods. This package will be presented in January and is planned to be adopted by the symbolic date of February 24 – the third anniversary of Russia’s full-scale invasion of Ukraine. Some countries want to see trade in Russian liquefied gas in the crosshairs.

However, according to experts, the EU has not yet taken any effective action regarding the Russian shadow fleet, and the imposed sanctions have a very limited effect and generally affect only 45-47% of Russian oil exports.