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LONDON (ICIS)–Methanol and polyethylene (PE) grades are among the key chemicals to be added to the European Commission’s latest list of products sanctioned for export from Russia to the EU.

G7 finance ministers in September set out plans to prohibit services which enable maritime transportation of Russia — origin crude oil and petroleum products globally, centred around a cap on pricing.

The European Commission – the EU’s executive body – has announced the eighth tranche of its sanctions on exports from Russia into the EU, with a focus on finished steel products, vehicles, plastics, machinery and appliances, and some chemicals.

The latest announcement also sets out the legal framework for a proposed price cap on Russian crude oil and petroleum products.

The addition of methanol to the list is particularly significant, as Russia is a substantial supplier of the chemical, exporting around 2m tonnes/year of the material, mostly to the EU.

All PE grades are now among the sanctioned chemicals, joining all polymers derived from propylene, styrene, and vinyl chloride.

The gradual ratcheting up of Russia export sanctions by the European Commission since February have remapped trade flows for many chemicals, polymers, crude oil and refined products.

Turkey and China have been among the significant purchasers of Russian product diverted away from Europe.

Slamming the recent votes held in four Russia-adjoining Ukraine states as “sham referenda”, the Commission also set out measures intended to serve as the legal basis for a price cap on Russian oil and oil products, after setting out the terms of the approach in a G7 meeting in September.

Under the approach envisaged by lawmakers, provision of maritime services would only be permitted if oil and petroleum products are purchased at or below a price determined by the coalition of countries adhering to the price cap.

The measures are intended to prevent the Russian government and Russia-based producers from profiting from the current high energy costs, which have been exacerbated further in crude markets by the move from OPEC+ players to drastically cut output last week.

Additional reporting by Eashani Chavda

Front page picture source: imageBROKER/Shutterstock 

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