European Union Considers Maritime Ban on Russian Oil Services Amid Economic Strain
The European Union is contemplating a new sanctions package that would impose a maritime services ban on Russian oil, potentially replacing the current oil price cap system. This move aims to tighten restrictions on Russian oil shipments through European waters, which are crucial for Moscow's war funding. The proposed ban would affect services such as insurance and transportation, which are essential for shipping Russian oil. This comes as Russia's oil revenue has already seen a significant decline, with a 50% drop in January compared to the previous year. The sanctions have forced Russia to offer steep discounts on its oil, further straining its economy. Additionally, European nations, including France and Germany, have expressed intentions to intercept Russia's shadow fleet of tankers, which operate under false flags to evade sanctions. 
