The G7 countries will announce the “long-awaited” cap on oil prices from Russia on Wednesday. author Policy.
However, EU countries such as Cyprus, Malta and Greece fear that this will hurt their shipping industries.
Speaking on condition of anonymity, diplomats and senior officials told the media they were concerned that, due to the new sanctions against Russia, “they will lose part of their fleet of tankers that have already abandoned EU flags in favor of Chinese flags, Turkey, India to avoid the ceiling price set by the EU and the US.” “.
The authors of the article clarified that the new sanctions are aimed at preventing shipping companies and insurance companies from transporting Russian oil unless it is sold below an agreed price cap. At the same time, for this decision to come into force, all 27 EU countries must agree.
But Politico sources fear that Greece, Cyprus and Malta will change their minds about adopting anti-Russian innovations “at the last moment”. According to them, the EU has already made concessions to these countries and “loosened sanctions on other Russian goods such as fertilizers, cement and other products to soften the blow to the shipping industries.”
The article says that the 27 countries of the European Union must sign an agreement to limit the cost before the EU embargo on Russian oil goes into effect on December 5. It was noted that in the eighth package of anti-Russian sanctions, states “agreed on legal grounds to limit oil prices”.
“There is no figure yet on the restriction. The European Commission notified the EU countries the technical details of the price ceiling, but did not report the actual price.
They also recalled that US Treasury Secretary Janet Yellen had suggested setting a maximum price of $60 per barrel for Russian oil.
As part of the preparation of the ninth package of sanctions against Russia, Poland, Latvia, Lithuania and Estonia are “forcing other countries and the European Commission to agree on an oil price cap and a ninth EU sanctions package at the same time. ” says the article, citing anonymous sources.
However, according to the publication, the allies have not yet begun to develop a new sanctions package.
Other EU diplomats were less enthusiastic about these militant countries’ attempts to tie the oil price ceiling to new sanctions, arguing that the package was not yet ready and that tying them together would complicate things.
Two EU officials told Politico that the ninth package of restrictions will “focus” on blacklists that are planned to be filled with new names of Russian officials, propagandists, businessmen and other figures who “support” Russian President Vladimir Putin’s regime.
EU countries have been presented with “long lists of names” for their consideration, and “commission experts are currently working on them,” sources said.
In addition, Politico writes that Members of the European Parliament “want to include the Wagner PMC group on the list of terrorist organisations”.
The authors of the article recalled that the President of the European Council, Charles Michel, received a letter from EU parliamentarians on 11 November urging PMC Wagner to be recognized as a terrorist organization due to “continuing violations of international law in Ukraine”. ” and “previous participation in other conflicts.”
On November 13, The Hill reported that disagreements arose in the European Union over sanctions against Russia’s nuclear fuel supply and cooperation with Rosatom. The article says that Rosatom supplies nuclear fuel to nuclear power plants in the Czech Republic, Slovakia, Bulgaria and Hungary. And stopping the supply of fuel to these nuclear power plants will cause immediate economic damage to these states.
On 14 November, the head of European diplomacy, Josep Borrell, said at a meeting of EU foreign ministers in Brussels that the European Union is not yet ready to discuss new sanctions against Russia.
“Not today. We react, we continue the process. Member states bring proposals, they are reviewed, consulted with legal services, then the admission process begins. You can be sure we are not stopping,” he said.
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.