In a critical move amid ongoing tensions following the invasion of Ukraine, the European Union is preparing to implement some of its most drastic measures yet against the transport of Russian oil. The proposed changes aim to eliminate the existing price cap on Russian crude oil and replace it with a full ban on the provision of shipping services associated with this product. European Commission President Ursula von der Leyen has highlighted that this measure is designed to apply increased pressure on Russia, making it clearer than ever that effective sanctions are a core strategy in curtailing the country's energy revenues.

Alongside this pivotal shift in policy, the EU is set to impose further sanctions on an additional 43 ships, which will bring the total number of targeted vessels to 640. This initiative reflects the EU's commitment to continuing its coordinated efforts with G7 allies to ensure that Russia faces significant economic consequences from its ongoing military actions. The sanctions are specifically aimed at making it increasingly difficult for Russia to offload its oil in global markets, thereby impacting its economic stability and ability to finance military operations.

This proposed change represents a critical juncture in the EU's diplomatic and economic strategy towards Russia, emphasizing the seriousness with which the bloc is approaching the energy crisis while fostering a united front with key global allies. If approved by member states, this blockade will further isolate Russia in the energy sector and could have profound implications for global oil markets, potentially leading to increased prices and shifts in trade routes.