EU Fails to Pass Plan to Ban Russian Oil Imports – Euronews

The European Commission’s initiative, proposed at the beginning of the year, to completely block oil tanker shipments from Russia has effectively been put on hold due to a lack of support from the G7, the U.S. position, and opposition from certain EU countries. 

European Commission President Ursula von der Leyen made approval of this decision contingent on reaching an agreement with G7 partners; but Washington’s shift in policy, escalating tensions in the Middle East, and the blockade of the Strait of Hormuz have made a joint consensus impossible.

The main opponents of the sanctions within the bloc were Greece, Malta, and Cyprus, which fear losses for their own tanker businesses at the benefit of Asian competitors. According to analysts, Greek shipping companies—particularly the business of billionaire Georgios Prokopiou—have earned at least $3.8 billion from transporting Russian oil over the past three years. For his part, analyst Isaac Levy notes that in the absence of a complete ban, the EU should focus on strictly enforcing compliance with the price cap on Russian crude.

Source: Euronews.