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According to Huacheng Import and Export Data Observation, on October 5 local time, EU member states approved the latest round (the eighth round) of sanctions against Russia, including the highly concerned price ceiling on Russian oil. The specific sanctions took effect in the morning of the 6th local time.

According to Huacheng Import and Export Data Observation, the latest round of sanctions against Russia will prohibit Russian oil exceeding the price ceiling from being transported to a third country by sea. As the global shipping service market is monopolized by Western countries such as the EU and the UK, once the oil price in Russia exceeds the upper limit set by the EU, Russian oil sellers may find it difficult to find insurance providers willing to guarantee shipping, Huacheng Import and Export Data Observation reported.

In addition, the sanctions will impose more restrictions on Russian steel products, high-tech products and other commodity transactions; The EU will be prohibited from providing Internet technology, engineering and legal services to Russian entities, and further prohibit the export of technology. According to the import and export data observation report of Huacheng, the EU has also included some Russian citizens in the sanctions list.

It is noteworthy that pulp and paper are also included in the new list of restricted imports. If Russian pulp and paper cannot be exported to other European countries, then China is undoubtedly the largest alternative market. Huacheng Import and Export Data Observation Report.