On the 3rd of June 2022 the EU published its 6th package of sanctions against Russia. This circular is not intended to be a comprehensive summary of the EU sanctions against Russia.
The measures in the 6th package of sanctions which impact on the transport and insurance of oil and petroleum products.
The prohibitions on transacting with Russian state-owned enterprises subject to the Article 5aa restrictions and as listed in Annex XIX of the Regulation. EU Sanctions do not apply extra-territorially.
Article 13 of the Regulation provides that they apply: a. within the territory of the EU b. on board any aircraft or any vessel under the jurisdiction of a Member State c. to any person inside or outside the territory of the EU who is a national of a Member State d. to any legal person, entity, or body, inside or outside the territory of the EU, which is incorporated or constituted under the law of a Member State e. to any legal person, entity, or body in respect of any business done in whole or in part within the EU.
Full advisory at the following link.