Unforeseen EU nation holds up bloc’s recent Russia sanctions
(MENAFN) Malta has raised objections to the European Commission’s proposal to further reduce the price cap on Russian oil exports, according to Politico, which cited EU diplomatic sources. The issue was reportedly discussed during a Committee of Permanent Representatives meeting on Sunday, with Reuters noting that one member state had placed a “technical reservation” on the measure.
The proposal is part of the EU’s 18th sanctions package targeting Russia for its involvement in the Ukraine conflict. It includes a new floating price cap on Russian crude oil, set at 15% below the global average price from the previous three months. This would replace the current $60-per-barrel limit introduced in 2022, which prohibits EU member states and vessels under their flags from transporting Russian oil sold above the threshold.
While Malta’s specific reasons have not been fully disclosed, the island nation registers a significant number of ships under its flag. Its maritime insurance sector has previously warned that stricter sanctions could lead shipowners to reflag their vessels outside of the EU, potentially harming the bloc’s shipping and insurance industries.
In addition to the revised price cap, the new sanctions package includes a ban on the future use of the Nord Stream pipeline, restrictions on imports of refined products made from Russian crude, and sanctions against 77 vessels allegedly involved in circumventing existing oil restrictions through Russia’s so-called “shadow fleet.”
Although the EU has not formally banned Russian gas, most member states have voluntarily reduced their imports since the Ukraine conflict escalated in 2022. However, countries like Slovakia, Hungary, Austria, and the Czech Republic continue to rely on limited imports through exemption agreements.
According to Politico, Slovakia, which had initially blocked the sanctions package, may now agree to it if Brussels addresses its concerns about the RePowerEU plan, which aims to phase out Russian energy imports by 2027.
Moscow has repeatedly condemned Western sanctions, calling them illegal and ineffective. Russian President Vladimir Putin has made the lifting of sanctions a key condition for resolving the Ukraine conflict.
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