Following a Friday meeting in which ambassadors failed to reach an agreement, the European Union’s next wave of sanctions against Russia remains uncertain. The clock is running out: the bloc has set the ratification deadline for February 24th, which is also the fourth anniversary of the full-scale invasion of Ukraine.
The primary point of disagreement, according to officials with knowledge of the process, is a complete prohibition on Russian oil tanker maritime services, which, if implemented, would end the price cap set by the Group of Seven (G7) in late 2022.
Brussels has determined that the cap, now set at $44.10 a barrel, is no longer meeting expectations and that further pressure is urgently needed to undermine the oil profits the Kremlin depends on to fund the war machine.
EU businesses would be prohibited from offering any services, including banking, insurance, shipping, or catering, to ships transporting Russian petroleum under the proposed prohibition. The intention is to reduce earnings and raise transportation expenses.
Greece and Malta, two nations with significant maritime industries, fear that enacting a complete ban would hurt their own economies, encourage competition from China and India, and strengthen Russia’s “shadow fleet,” which consists of deteriorating ships that Moscow uses to circumvent Western regulations.
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