EU Shipping Nations Advocate Balanced Sanctions on Russia

Cyprus and Malta urge the EU to ensure any tightened sanctions on Russia, such as a comprehensive maritime services ban, do not harm legitimate businesses. With ongoing talks among the Group of Seven and the EU about revising the price cap on Russian oil, industry nations stress a balanced approach.

Cyprus and Malta, two of the EU's key shipping nations, have emphasized that discussions surrounding stricter sanctions on Russia should carefully consider not harming legitimate businesses in the maritime industry. The two countries have raised concerns about potential impacts of a proposed blanket ban on maritime services.

The Group of Seven and the European Union are deliberating on replacing the current price cap on Russian oil exports with a comprehensive ban as a measure to curtail the financial resources fueling Russia's military actions in Ukraine, Reuters reported on December 5th. Cyprus, Malta, and Greece hold the largest shipping fleets in the EU and warn against the inadvertent targeting of lawful maritime ventures.

Cypriot Foreign Minister Constantinos Kombos highlighted the importance of a holistic approach, stressing that while enhanced pressure on Russia was critical, attention must also be given to combating sanctions evasion which involves numerous actors and hampers collective efforts against Russia.

(With inputs from agencies.)