The EU chooses to relax its restrictions on Russian oil shipments.

According to a statement released by the EU Council on Thursday, the EU will permit the transactions required for Russian state-owned firms to sell oil to foreign nations.

“The EU decided to extend the exemption from the prohibition to engage in transactions with certain state-owned entities as regards transactions for agricultural products and the transport of NSE -1.29 percent oil to third countries,” the statement said. “With a view to avoid any potential adverse consequences for food and energy security around the world.”

The EU outlawed business dealings between European businesses and Russian corporations, including Rosneft, Transneft, Gazprom Neft, and Sovcomflot, the country’s largest shipping company, among others. Initially, exclusions were permitted for transactions involving the import or transit of natural gas, oil, petroleum products, and a handful of metals.

However, the EU imposed a partial embargo on Russian oil as part of the sixth sanctions package unveiled last month, prohibiting sea shipments of oil to the EU and forbidding European businesses from reinsuring and insuring sea shipments of Russian oil and oil products to nations outside the European Union.

Major energy companies like Vitol, Glencore, Trafigura, Shell, and Total stopped trading Russian oil for non-Russian nations as a result. They will now, however, be permitted to resume doing business with Russia.

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