The prohibition on providing services for transporting Russian oil and oil products is part of the EU’s 20th sanctions package. Two countries do not agree with this provision. This was stated on the telethon broadcast on February 21 by the president’s sanctions-policy adviser Vladyslav Vlasyuk. This provision, which in English is called the Full Maritime Service Ban, is currently opposed by Greece and Malta.
“And this is quite strange, because at the start of January it seemed that everyone agreed, including Greece and Malta. Now Greece and Malta have decided to play political games and do not want to release this package with this provision”
According to Vlasyuk, this rule by the end of 2026 could deprive Russia of at least 17 billion dollars in oil revenue. He also stressed that Moscow has already lost 24 billion dollars from oil exports due to the existing sanctions.
On February 20, the EU failed to reach an agreement on the 20th sanctions package against Russia. The next meeting is scheduled for February 25; however, on February 23 there will be a meeting of EU foreign ministers, where the issue will again be put up for discussion.
What is included in the EU’s 20th sanctions package against Russia
On February 6, the European Commission proposed the 20th sanctions package aimed at energy, banks, and trade. The main goal is to further reduce Russia’s oil revenues and hinder sanctions evasion through a shadow fleet and the use of cryptocurrencies.
In the energy sector, a full ban on maritime services for transporting Russian crude oil is proposed. It is expected that this will reduce Russia’s profits from energy resources and complicate the search for buyers. The ban is planned to be implemented together with partners after the corresponding G7 decision.
The EU also expands sanctions against the shadow fleet: 43 more vessels are added to the list – in total 640 ships will be under restrictions. Separately, a full ban on maintenance and other services for LNG carriers and icebreakers is introduced, which is meant to hit Russia’s gas export projects and complement the existing restrictions on LNG imports.
The second block of measures concerns Russia’s financial system. Another 20 regional banks are planned to be added to the sanctions list, and the use of cryptocurrencies, platforms, and companies that help circumvent sanctions will be restricted. Third-country banks that facilitate trade in sanctioned goods could also fall under the restrictions.
“Their actions show signs of criminal offenses under Article 345 of the Criminal Code of Ukraine ‘Threat or violence against a law enforcement officer’ and Article 194 ‘Deliberate destruction or damage to property’. The corresponding notices have been sent to the National Police”
The proposed changes are expected to significantly restrict Russia’s ability to circumvent sanctions and reduce its economic capacity on global markets.