The European Union plans to abandon the proposal banning EU-owned ships from carrying Russian oil to third countries. Among the EU member states that pushed for the lifting if the export ban is Greece.
According to a report, Bloomberg has learned and with those familiar with the matter, the proposal banning EU-owned ships from carrying Russian oil to third countries will be abandoned.
Greece, whose economy is heavily dependent on shipping, was among the Member States that pushed for the lifting of the export ban on third countries from the sixth package of EU sanctions on Russia’s invasion of Ukraine, people with knowledge of the subject.
The lack of a common position among the G7 countries was the key element in rejecting the proposal.
The measure would further hit Moscow’s exports – a vital source of hard currency – as Greeks own more than a quarter of the world’s oil tankers based on their capacity.
However, the current proposals are expected to significantly complicate life in Moscow once adopted. The insurance ban will cover the vast majority of the world’s fleet of oil tankers seeking to carry Russian barrels.
EU countries continue to discuss the sixth package, with diplomats trying to overcome Hungary’s objections to a proposed ban on Russian oil.
They could not reach an agreement over the weekend.