Greece and Malta opposed the European Commission's proposal to completely ban maritime transportation of Russian oil. According to information from Bloomberg agency, it was these two EU countries that most harshly criticized the idea of replacing the current price cap with a complete ban on transport, insurance, and brokerage services. Athens and Valletta expressed their disagreement at a meeting of EU ambassadors, where a new package of sanctions was discussed.
Representatives of both countries fear that such a measure could seriously harm the European shipping industry and lead to a rise in energy prices. In addition, they demanded further explanations regarding possible sanctions against foreign ports that accept Russian oil, as well as regarding increased control over the sale of ships to prevent them from falling into Russia's hands.
Earlier, the European Commission proposed abandoning the price cap mechanism and imposing a ban on key maritime services. This initiative became a central element of the 20th EU sanctions package, timed to the fourth anniversary of the start of Russia's full-scale war against Ukraine. However, the implementation of such a measure is only possible with the support of the G7 countries, while the US position remains uncertain. Similar restrictions were already in effect in the EU before the introduction of the price cap.
After the start of the war, Greece significantly increased its involvement in the transportation of Russian oil and profited from selling old tankers to Russia, which urgently had to form an additional fleet of worn-out vessels. According to experts, the share of Greek tankers in Russian oil exports grew from a third to a half by 2023. Malta also figured in similar deals.
The new EU sanctions package also includes other restrictions: against companies in China and several other countries supplying components for the military industry to Russia, against cryptocurrency operators and several banks in Central Asia and Laos suspected of circumventing sanctions. Separately, it is proposed to use the mechanism against circumvention of sanctions for the first time and to ban the export of equipment to Kyrgyzstan, however, Germany fears negative consequences for bilateral relations and proposes instead to introduce a quota system.
Approval of sanctions requires the consent of all EU countries, so the final parameters of the package may still change. Brussels hopes to complete the agreement by the end of February. According to statements by the EU leadership, the 20th sanctions package is planned to be approved by February 24, 2026.
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