Cypriot, Greek and Maltese shipping operators stand to be among the hardest hit by a proposed European Union ban on maritime services supporting Russia’s seaborne crude oil exports, as Brussels says it will not act without first securing backing from G7 partners.
The European Commission put forward the sweeping measure on 6 February, targeting the shipping, insurance and financial services that allow Russian crude — carried largely on tankers owned by operators in the three EU member states — to reach markets in India and China.
Russia exports more than a third of its oil aboard Western-owned vessels, making the proposal one of the most consequential sanctions yet for the bloc’s own maritime industry.
“I think the European Union has made clear that for the moment we are applying the oil price cap, which has just recently been reduced to $44 a barrel. Russia’s revenue from oil and gas is down dramatically in recent months, and we will continue that policy,” EU sanctions envoy David O’Sullivan told a news conference in Bishkek on Thursday.
He said the EU supports the ban in principle but must coordinate with G7 partners before any decision is taken, with talks expected in the coming days and weeks. Diplomats say Washington’s support is the critical missing piece, as the United States declined to join last year’s coalition that lowered the price cap on Russian crude to $44.10 a barrel.
The proposed ban would effectively render the existing price cap mechanism redundant. The Commission has not yet specified how the measure would be phased in, nor whether it would extend to refined petroleum products or liquefied natural gas.
The U.S. has separately sanctioned Russia’s two largest oil companies, Rosneft and Lukoil, with full asset freezes — a step the EU has not taken.
(With information from Reuters)
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