Agencies-Gaza post
EU lifts Russian oil ban for non-member countries
Following amendments agreed by the EU Member States aimed at reducing risks to global energy security, Rosneft and Russian state-owned Gazprom will be able to ship oil to non-EU countries.
“With a view to avoiding any possible negative consequences for food and energy security around the world, the EU decided to expand the scope of the exemption from the ban on transactions with certain state-owned entities (Russian) in relation to transactions for agricultural products and the transfer of oil to third-party countries,” the EU said.
Major trading companies such as Vitol, Glencore, and Trafigura, as well as major oil companies such as Shell and Total, halted Russian oil dealings with non-EU countries due to EU sanctions, including insurance restrictions.
Russia’s sanctions led to an energy crisis in Europe, which relies heavily on Russian oil and gas supplies, and contributed to higher prices at record levels, increasing the cost of energy imports.
