EU Targets Russia's 'Shadow Fleet' in New Sanctions Package

The European Union has announced its latest round of sanctions against Russia, with roughly 50 vessels from the so-called "shadow fleet" being singled out.

EU foreign ministers are anticipated to formally approve the sanctions package on Monday.

Additional sanctions are expected to follow in the new year when Poland assumes the EU presidency from Hungary.

Despite existing sanctions, Russia continues to be the world’s second-largest oil exporter. Last year, Russia exported 254 million tonnes of oil, and it is on pace to export around 250 million tonnes this year — a drop of less than 2%, allowing it to maintain a 10.5% share of the global market.