Sources note that these sanctions will significantly reduce the fleet of ships available to deliver crude from Russia, with one source noting: ''it's going to drop off a cliff.''
Last week, a Russian tanker fired signal ammunition at a German army helicopter conducting surveillance in the Baltic Sea, escalating tensions in the region.
EU's proposed 15th sanctions package targets over 50 individuals and 30 entities, focusing on Chinese firms allegedly aiding Russian military technology development in its Ukraine war.
Bloomberg and Danwatch investigation exposes a shift in Russian oil tanker insurance to domestic providers and firms from Cameroon and Kyrgyzstan, as western sanctions force vessels into shadow operations.
The UK government has imposed sanctions on 22 Russian vessels, including oil tankers and LNG carriers, as part of its efforts to hinder Putin's war machine.