Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Israeli media: Ben Gurion Airport airspace sut down following missile launch from Yemen
Israeli media: Air raid sirens sound in the central region and Hashfala following the detection of a missile launch from Yemen
SDF announces the killing of three of its members as a result of ISIS cells detonating a landmine targeting a vehicle of a security patrol on the Hasaka-Raqqa road
The Popular Resistance Committees: We call on all international institutions to take urgent action and uphold their responsibilities by restoring and immediately enforcing effective mechanisms for the distribution of humanitarian aid.
The Popular Resistance Committees: The latest Zio-American crime against Gaza’s starving civilians constitutes a war crime, for which the US administration bears full and direct responsibility.
Gaza Media Office: Bloody spectacle shows that these zones have become collective death traps rather than aid distribution zones.
Gaza Media Office: Dozens of citizens are still surrounded under constant fire in the vicinity of the "aid station."
Gaza Media Office: As soon as citizens arrived, occupation and Americans opened direct fire on them.
Gaza Media Office: Occupation, in complicity with the US company, called on citizens to move toward Wadi Gaza Bridge, claiming that aid would be distributed.
Gaza Government Media Office: Occupation set a bloody trap at bridge of Wadi Gaza, luring thousands of starved civilians, and opened fire on them.

Ships with Russian oil above price cap to have insurance barred in EU

  • By Al Mayadeen English
  • Source: Agencies
  • 3 Dec 2022 22:24
  • 2 Shares
3 Min Read

The European Union will be banning the insurance or financing of naval vessels carrying Russian oil priced over the price cap set by Brussels earlier in the day.

  • x
  • The tanker 'Crude Zephyrus', flying the flag of Liberia, docked at Naftoport in Gdansk, Poland, March 14, 2022 (EPA)
    The tanker 'Crude Zephyrus', flying the flag of Liberia, docked at Naftoport in Gdansk, Poland, March 14, 2022 (EPA)

The European Union will be banning the insurance and financing of naval vessels transporting Russian oil selling for higher than the price cap imposed by Brussels, the European Commission said on Saturday, noting that the ban will be in effect for three months.

The European Union reached an agreement on setting a price cap on Russian oil at $60 a barrel, keeping a review mechanism to keep the price cap at 5% under market value. 

Kremlin spokesperson Dmitry Peskov commented on the bloc's decision, saying the price cap that was imposed on Russian oil abroad is unacceptable for Russia, but Moscow will be analyzing it and deciding how to operate under the new circumstances.

"If a third country flagged vessel intentionally carries Russian oil above the price cap, EU operators will be prohibited from insuring, financing, and servicing this vessel for the transport of Russian oil or petroleum products for 90 days after the cargo purchased above the price cap has been unloaded," the European Parliament's statement said.

A senior EU official told journalists in Brussels that the sanctions would be applied if a vessel arrives in Europe carrying Russian oil above the price cap. Each EU member state will prosecute European operators non-compliant with the scheme, the source said.

Major oil producers are expected to adhere to their current output strategy and even cut down oil production further in their coming meeting on Sunday amid falling oil prices, a coming Russian oil price cap, and sanctions.

The last time OPEC+ convened in October, a decision spearheaded by Saudi Arabia and Russia cut oil production by 2 million barrels per day starting November. 

Related News

EU: China-Russia ties threaten global order

EU reviews association agreement with 'Israel' over Gaza crisis

The OPEC+ oil production reduction is the most substantial cut since the COVID-19 pandemic peak in 2020. 

Moscow was anticipating the price cap and is now analyzing the situation, the spokesman underlined.]

Europe to live without Russian oil

Russia's Permanent Representative to International Organizations in Vienna, Mikhail Ulyanov, declared earlier in the day that the European Union will have to live without Russian oil starting this year as a repercussion of the price cap imposed on the country's oil.

He also recalled how Moscow had made it clear that it will supply oil to the countries that supported the price cap that he described as "anti-market".

Starting from this year #Europe will live w/o Russian oil. #Moscow has already made it clear that it will NOT supply #oil to those countries who support anti-market price cap. Very soon the #EU will blame #Russia for using oil as a weapon.

— Mikhail Ulyanov (@Amb_Ulyanov) December 3, 2022

Western nations have been trying to find ways to reduce Russia's income from oil and gas exports since the start of the war in Ukraine.

Russia had pledged to stop exporting its oil to countries that would apply price caps on its oil.

Meanwhile, those who violate the price cap on Russian oil exports will suffer consequences under the domestic law of the jurisdictions enforcing the quota, according to US Deputy Treasury Secretary Wally Adeyemo.

  • Europe
  • Kremlin
  • Russia
  • Dmitry Peskov
  • European Union
Russia & NATO

Russia & NATO

As the Draconian Western-led sanctions on Russia exacerbate the economic crisis worldwide, and as Russian troops gain more ground despite the influx of military aid into Ukraine, exposing US direct involvement in bio-labs spread across Eastern Europe and the insurgence of neo-Nazi groups… How will things unfold?

Most Read

President Donald Trump and Israeli Prime Minister Benjamin Netanyahu arrive to a news conference in the East Room of the White House, Tuesday, Feb. 4, 2025, in Washington (AP)

Rift widens: Trump, Netanyahu clash in heated phone call over Iran

  • Politics
  • 26 May 2025
US judges quietly consider private security amid Trump tensions

US judges quietly consider private security amid Trump pressures

  • US & Canada
  • 25 May 2025
An Israeli army vehicle moves in the Gaza Strip as seen from southern occupied Palestine, Thursday, May 29, 2025 (AP)

Hamas rejects Witkoff ceasefire plan, says alters terms

  • Politics
  • 29 May 2025
Spokesperson for the Yemeni Armed Forces, Brigadier General Yahya Saree, announces a new operation against Ben Gurion Airport on May 29, 2025 (Yemeni Military Media)

Yemen announces successful hypersonic missile strike on Ben Gurion

  • Politics
  • 30 May 2025

Coverage

All
War on Gaza

Read Next

All
MIT bans class president who gave pro-Palestine speech
US & Canada

MIT bans class president over pro-Palestine speech

Arab ministers condemn Israel 'ban' on planned West Bank visit
Politics

Arab ministers condemn Israeli ban on planned West Bank visit

Major General Hu Gangfeng, Vice President, National Defense University, People's Liberation Army, China, leaves after a panel discussion during the 22nd Shangri-La Dialogue summit in Singapore, Saturday, May 31, 2025. (AP Photo/Anupam Nath)
Politics

China blasts Hegseth, calls US top 'troublemaker' in Asia-Pacific

US activists demand shutdown of Musk's 'dirty' supercomputer: Reports
Technology

US activists demand shutdown of Musk's 'dirty' supercomputer: NBC News

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS