Denmark will allegedly begin inspecting and potentially blocking Russian oil tankers passing through Danish waters, the Financial Times reported on 15 Nov.
According to the report, this measure is part of a European Union effort to enforce a price cap on Russian oil exports and EU regulations on insuring tankers carrying Russian crude oil.
Reportedly, almost none of the Russian maritime oil shipments in October were below the $60 per barrel price cap. However, the price cap was instituted by the G7 group of nations and demanded that Western insurers only cover Russian oil shipments sold below $60 per barrel.
The Financial Times report states that the EU is concerned Russian tankers are violating regulations by frequently travelling with “falsified financial statements or non-Western insurance.”
Under the new proposed EU measures, Denmark would be allowed to inspect and block Russian tankers passing through the Danish straits. Because, as reported, “oil revenues are a critical plank of President Vladimir Putin’s war machine.”
“Russian crude earnings this year have boosted his ability to fund his armed forces at a time when Ukraine is increasingly concerned about the longevity of its own financial support from the West,” FT explained.
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