Greece, Malta Opposes EU Plan to Restrict Russian Oil Shipping
The plan, introduced last week by the European Commission, aims to replace the current G7 price cap with a full ban on EU-provided shipping, insurance, and port services for Russian oil, regardless of its purchase price.
At a meeting of EU ambassadors on Monday, Greece and Malta voiced concerns that the measure could harm Europe’s shipping sector and drive up energy costs. Reports indicate that Commission officials are now engaged in internal discussions with Athens and Valletta to address these objections.
Analysis from industry sources shows that EU-owned or controlled tankers, predominantly Greek, accounted for roughly 19% of Russian crude shipments last month. Greece, which operates the world’s largest oil tanker fleet, would see many of its commercially owned vessels immediately unable to transport Russian oil, even if sold within the existing $44.10 per barrel price cap. Such restrictions could trigger widespread contract cancellations and significant losses for Greek shipping companies.
Malta, home to one of the world’s largest shipping registries, also faces financial risks, as the proposed ban threatens revenue generated from its flag-state status.
The EU’s 20th sanctions package is expected to be finalized by February 24, marking four years since the escalation of the Ukraine conflict. Both Greece and Malta hold veto power over EU sanctions, meaning that the proposal cannot advance without their consent.
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