Discussions on the need to tighten sanctions on Russia, including the possibility of a blanket ban on providing maritime services, should not be at the expense of legitimate businesses in the industry,
Discussions on the need to tighten sanctions on Russia, including the possibility of a blanket ban on providing maritime services, should not be at the expense of legitimate businesses in the industry, key EU shipping nations Cyprus and Malta said.
The Group of Seven countries and the European Union are in talks to replace a price cap on Russian oil exports with a full maritime services ban in an attempt to reduce the oil revenue that helps finance Russia's war in Ukraine, Reuters exclusively reported on Dec. 5.
Cyprus and Malta, who along with Greece have the largest fleets in the EU, said tightening sanctions should not target bona fide maritime businesses.
"Any shift away from the price cap must avoid pushing maritime services to non-EU jurisdictions, where the EU would lose oversight and, with it, the leverage needed to uphold European standards," the Maltese government said in a statement.
"There needs to be a holistic approach," Cypriot Foreign Minister Constantinos Kombos said. He said that while additional pressure on Russia was needed, the focus should also be on sanctions dodging.
"That has many actors involved and undermines our collective effort," he said.
Russia exports over a third of its
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