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Vital Oil Chokepoint Gets Caught Up in EU’s Sanctions on Russia

RF oil tanker offshore

Source: Getty Images

A maritime chokepoint off the coast of Denmark that’s critical for the global oil market has become caught up in the European Union’s sanctions targeting Russia’s revenues from petroleum sales.

In June, the EU announced a ban on providing services and insurance for shipments of Russian oil cargoes anywhere in the world, as well as an embargo on most imports into the bloc. The measures are due to come into force in December for crude and next year for fuels.