The European Union has effectively postponed the implementation of a complete ban on the maritime transport of Russian crude oil due to political disagreements within the bloc and a lack of support from G7 partners.
Euronews reports this.
The idea of a complete ban was proposed earlier this year by European Commission President Ursula von der Leyen, who said the move would reduce Russiaʼs energy export revenues and make it more difficult to sell oil abroad.
The sharp rise in oil prices following US and Israeli strikes on Iran and the blockade of the Strait of Hormuz strengthened the position of countries opposed to the ban, with Greece and Malta being the most vocal in their opposition.
This is because these are countries with powerful shipping industries that traditionally participate in the transportation of Russian energy resources. They stated that the ban could harm European companies and transfer this business to competitors from other countries.
In June, when presenting the 21st package of sanctions against Russia, the European Commission no longer proposed activating this ban, focusing instead on strengthening the price cap on Russian oil. At the same time, the Baltic countries, Poland, Denmark, the Netherlands, Sweden and Finland continue to support the ban on maritime transport of Russian oil.
- The Financial Times estimates that Greek shipping companies have earned at least $3.8 billion from transporting Russian oil over the past three years. In particular, attention has been focused on companies linked to Greek billionaire Georgios Prokopio.
- Analysts say the ban could reduce Russiaʼs ability to use its tanker fleet to export oil, but its abrupt introduction could lead to a rise in world oil prices. The European Commission currently supports the idea of a restriction, but acknowledges that political support for this decision has weakened significantly.
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