EU, UK prepare to step up scrutiny of Russian oil fleet - media

Bloomberg reports this, citing sources familiar with the matter.

“The UK plans to launch a “call to action” this week with a group of European nations to target the so-called shadow fleet of oil tankers that Russia uses to skirt international sanctions,” the publication says.

According to the draft statement, an unspecified number of governments are planning to endorse a plan for the Russian oil fleet on the sidelines of the European Political Community meeting to be held in the UK by Prime Minister Keir Starmer on Thursday.

It is stated that the participants aim to exchange information about the Russian oil fleet, "to coordinate our responses to the risks posed by its ships and facilitators, and to work with the private sector and other maritime stakeholders to address the threat.”

The news agency writes that officials and experts from the UK and EU states will set up a group and hold a meeting to take concrete measures.

“The countries are trying to make it even harder for Russia to profit from its oil resources. Group of Seven sanctions have looked to turn Russia into a pariah in conventional oil-transportation markets by cutting off access to mainstream tankers and service providers unless the oil being moved is below a G-7 defined price cap. That’s forced Moscow to rely on older carriers that operate outside of industry norms,” Bloomberg writes.

• In May, oil imports from Russia to India rose to a record level of about 2.1 million barrels per day amid declining demand for Russian oil from China.