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Market Chatter: Sweden Urges European Allies to Restrict Russian Vessels

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Sweden has urged other EU member states to tighten oversight on the Russian "shadow fleet" of oil tankers, Financial Times reported Monday, citing a letter by the country's foreign minister, Maria Malmer Stenergard.

In a letter addressed to EU chief diplomat Kaja Kallas and Cyprus's foreign minister Constantinos Kombos, Stenergard reportedly said that all member states should share responsibility for restricting Russian vessels passing through European waters.

Sweden has already boarded a number of suspicious vessels in its territorial waters, according to the foreign minister.

France and Belgium have also boarded and seized tankers, but other EU members appear to have gaps in enforcement, the news outlet reported.

The European Commission did not immediately respond to MT Newswire's request for comment.

Russia has a shadow fleet of about 700 crude oil tankers that carry about 75% of the country's oil exports, according to the report.

Its energy revenues have reportedly rebounded as a result of the US-Iran war, which began in late February. This followed a 50% year-over-year plunge in January, FT said.

EU foreign ministers are expected to discuss a new sanctions package against Moscow in a meeting on Monday.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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