A ban on insuring Russian tankers is reportedly still on the table.
Brussels has opted to cancel plans to ban ships owned by EU members from moving Russian crude to third countries, documents seen by Bloomberg showed. However, the ban on insuring Russian tankers is still reportedly under review. If approved, this could represent an effective barrier to oil exports from the country affected by the sanction.
Greece, whose economy relies heavily on shipping, reportedly opposed a ban on Russian crude oil shipments, which was proposed as part of the EU’s sixth sanctions package over Moscow’s military operation in Ukraine, they said. to the media people familiar with the matter.
If adopted, the step would have effectively hit Russia’s crude exports, as Greece has more than a quarter of the world’s tankers by capacity.
EU countries are still debating the sixth package, with diplomats seeking to overcome Hungary’s expressed objections to a proposed ban on Russian oil. They were unable to reach an agreement over the weekend.
Last week, the bloc proposed a review of the oil embargo to finally agree to the ban. The measure is expected to give several member states, including Hungary, Slovakia and the Czech Republic, more time to comply with the measure.
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