Greece and Malta are acting as the EU’s key holdouts in the discussion to replace the mechanism for imposing price caps on Russian oil with a full ban on maritime services needed to transport it. The agency cites sources familiar with the matter.
According to officials, both countries voiced concerns about this step during the EU ambassadors’ meeting on February 9, where the 20th package of sanctions against Russia was presented.
Greece and Malta fear that the change could affect the European shipping industry and energy prices. They also asked for clarifications regarding sanctions on foreign ports for overloading Russian oil and tighter scrutiny of shipowners to reduce the number of ships in the Russian fleet.
When approached by reporters, the Greek authorities declined to comment, while Maltese government spokesman Nestor Laiviera noted that Malta “is participating in technical discussions to ensure the implementation of the final outcome”.
“is participating in technical discussions to ensure the implementation of the final outcome”
Context and implications for the European shipping industry
Earlier reports suggested that within the framework of the 20th sanctions package the EU is considering replacing the price cap on Russian oil with a full ban on providing maritime services for its transportation, to further restrict Russia’s oil revenues and complicate sanctions evasion through shadow fleets and cryptocurrencies.
On February 6, European Commission President Ursula von der Leyen presented the 20th package of anti-Russian sanctions. The new restrictions are meant to further reduce Russia’s oil revenues and complicate evasion of sanctions through the shadow fleet and cryptocurrencies.
A full ban on maritime services for transporting Russian crude oil is also proposed, to be implemented in coordination with G7 partners.