In the 20th sanctions package, which was recently adopted by the European Union, there is no complete ban on providing maritime services for vessels transporting Russian oil, although such a measure was initially considered. According to a representative of the European Commission, this issue remains relevant for the next stages of sanctions policy and is planned to be discussed within the framework of the “Group of Seven” (G7).
This is reported by Kyiv24
European Commission clarifies reasons for the postponed ban
An official from the European Commission, who wished to remain anonymous, emphasized that introducing such a ban could make the sanctions policy more effective and transparent, as well as simplify its implementation mechanisms. The goal of this step is to reduce Russia’s revenues from sea exports of crude oil and to decrease the volumes of its supplies to the global market, which are still being carried out with the involvement of services from G7 coalition countries and the Price Cap Coalition.
“Such a transition will make our policy more effective, transparent, and easier to implement in order to reduce Russia’s revenues and the volumes of maritime crude oil exports. The aim of this measure, to be clear, compared to the price cap mechanism (which they plan to abandon – ed.), is to reduce the volumes that Russia is capable of supplying to the market. Part of these volumes is still supplied using the services of G7 coalition countries and the Price Cap Coalition,” the official noted.
According to the official, there is a common understanding within the G7 of the necessity of such an approach; however, the implementation of restrictions is currently hindered by the energy crisis arising from the war in the Middle East. He emphasized that now is not the best time to introduce a complete ban on maritime services, as this requires both coordinated actions within the G7 and favorable market conditions.
Possibility of EU decision-making without the consent of all G7 countries
The official noted that this issue could be considered by the European Union at any moment when the appropriate conditions arise. He added that the EU seeks to achieve a common position with the G7 but reserves the right to make decisions even without full support from all countries of the “Group of Seven.” According to him, the ideal option is to jointly implement such a step; however, the text of the 20th sanctions package does not rule out the possibility of actions by the EU independently.
On April 23, the EU Council unanimously approved changes to the European Union’s multiannual budget, which include a loan of 90 billion euros for Ukraine. The 20th sanctions package was also finalized, with individual restrictions against representatives and organizations linked to the Russian military-industrial complex being its central component.