Greece and Malta Oppose New EU Sanctions
Greece and Malta are resisting a European Union proposal to replace the current price cap on Russian oil with a full ban on services for its maritime transport. The position of these two member states became clear during a meeting of EU ambassadors held on Monday. According to Bloomberg, this initiative is part of the EU's 20th sanctions package, prepared in response to Russia's full-scale invasion of Ukraine. The maritime industry is a significant economic pillar for both nations, which influences their stance on such measures.
Details of the Proposed Sanctions Package
The European Commission presented its proposal last week. The draft of the 20th sanctions package includes:
- A complete ban on maritime services for transporting Russian crude oil;
- An expansion of the sanctions list to target the 'shadow fleet' of tankers;
- The inclusion of an additional 20 Russian banks under restrictions;
- The introduction of new trade and export bans on goods and technologies that could be used for military purposes.
EU sanctions require unanimous support from all member states, which could complicate the implementation of these new restrictive measures. Officials in Brussels aim to finalize work on the new package by the end of February. European Commission President Ursula von der Leyen has already presented the draft, and member countries continue to discuss its details. As Nestor Liveras noted, he
“is taking part in technical discussions to ensure the final outcome can be implemented”.
The stance taken by Greece and Malta highlights the critical importance of shipping to their economies, affecting their willingness to endorse new sanctions. Unanimity within the EU is essential for imposing new restrictions, meaning any disagreements among member states could delay or hinder the sanctions package. This underscores the complex political dynamics within the bloc regarding its Russia policy, particularly as the conflict in Ukraine continues.