Bishkek, Kyrgyzstan. Cypriot, Greek and Maltese shipping operators could be among the most affected by a proposed European Union ban on maritime services supporting Russia’s seaborne crude oil exports. EU officials said the bloc will not act without first securing backing from G7 partners.
Proposed measure and potential impact
The European Commission put forward the measure on 6 February, targeting shipping, insurance and financial services that allow Russian crude to reach markets in India and China. The crude is carried largely on tankers owned by operators in Cyprus, Greece and Malta, all EU member states.
Russia exports more than a third of its oil aboard Western-owned vessels, making the proposal one of the most consequential sanctions yet for the bloc’s own maritime industry.
EU position and coordination with G7
EU sanctions envoy David O’Sullivan said at a news conference in Bishkek on Thursday that the European Union is, for the moment, applying the oil price cap, which he said has recently been reduced to $44 a barrel. He said Russia’s revenue from oil and gas has fallen sharply in recent months and that the EU intends to continue that policy.
O’Sullivan said the EU supports the ban in principle but must coordinate with G7 partners before any decision is taken, with talks expected in the coming days and weeks. Diplomats said Washington’s support is the critical missing piece, as the United States declined to join last year’s coalition that lowered the price cap on Russian crude to $44.10 a barrel.
Open questions on scope and implementation
The proposed ban would effectively make the existing price cap mechanism redundant. The Commission has not specified how the measure would be phased in, or whether it would extend to refined petroleum products or liquefied natural gas.
U.S. sanctions and EU approach
The United States has separately sanctioned Russia’s two largest oil companies, Rosneft and Lukoil, with full asset freezes, a step the EU has not taken.
How could an EU ban on maritime services supporting Russian crude exports affect shipping operators in Cyprus, Greece and Malta?
