The European Union’s proposed twentieth sanctions package against Russia is encountering significant delays, primarily due to opposition from two member states regarding a complete ban on maritime services for the transportation of Russian oil and petroleum products.
According to statements made by Vladyslav Vlasuk, the Ukrainian president’s representative for sanctions policy, Greece and Malta are currently blocking the adoption of this crucial provision. Vlasuk noted that both countries had previously expressed support for the ban, making their current stance unexpected.
“It is quite surprising, as it seemed that there was a consensus on this issue at the beginning of January, including from Greece and Malta. Now, they appear to be engaging in political maneuvering and are reluctant to allow this package to proceed with the maritime services ban intact,” Vlasuk remarked.
He further emphasized that implementing this restriction could deprive Russia of at least $17 billion in oil revenue by the end of the year. This figure represents a significant financial impact for Moscow, which is already facing substantial economic challenges.
Vlasuk highlighted that last year, Russia missed out on $24 billion in oil export revenues due to existing sanctions, underscoring the ongoing economic ramifications of international restrictions on Russian oil.
The EU's latest sanctions package against Russia is stalled due to Greece and Malta's opposition to a maritime services ban. This restriction could significantly impact Russia's oil revenues amid ongoing economic difficulties.