The planned oil embargo against Russia is increasingly threatening to come to nothing. Although several states are already no longer importing Russian oil, Russia is selling more oil than before the war. Now the EU wants to ban European tankers from transporting Russian oil. However, Greece, Malta and Cyprus do not want to participate in a tanker ban. The largest tanker fleets are registered in these countries.
EU wants to ban European shipping companies from transporting Russian oil
The tanker ban was apparently part of the planned sixth sanctions package. The EU wanted to prevent Russia from selling its oil to countries outside the EU. Meanwhile, Russia sells large quantities of oil to countries like China and India. Despite high price discounts, the Russian state thus takes in enough money to be able to maintain state financing. That is why the EU wanted to make shipments to these countries more difficult. Previously, it had already decided to ban financing of all kinds for the transport of Russian oil. This also includes the insurance of tankers.
Image: Eweht, Copyrighted free use, via Wikimedia Commons
Greece and Malta veto tanker ban
According to a government official, the traffic light government is disappointed that Greece and Malta have vetoed a tanker ban. The shipping companies of the two states have two-fifths of the world’s tanker fleet. Cyprus has also signalled a veto. The Russian government has thus succeeded in dividing the European states. However, Greece and Cyprus have already defused the ban on Russian ships docking in EU ports in the fifth sanctions package.
EU continues to back insurance ban for tankers
Brussels is now continuing its efforts to ban European service providers from insuring tankers carrying Russian oil. In doing so, those responsible hope to at least make it more difficult for Russia to export oil. The insurance ban is to be coordinated at the level of the G7 countries. This would mainly affect the big reinsurers n Germany and Great Britain. The UK, however, is no longer part of the EU. However, European laws still largely apply to insurance there.
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