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Baltic Countries Raise Concerns About The Limit Of The Russian Oil Ban, Cyprus, Greece, Malta Raise Competition Concerns

Baltic Countries Raise Concerns About The Limit Of The Russian Oil Ban, Cyprus, Greece, Malta Raise Competition Concerns

Cyprus, Greece and Malta have raised concerns regarding the need to ensure a level playing field in relation to the implementation of a cap on the price of Russian oil transported by ship to third countries, EU sources told the Cyprus News Agency, adding that these are the same concerns that had been raised from the beginning of consultations on the measure, which is a part of the eighth package of EU sanctions against Russia for its invasion of Ukraine.

The measure is an initiative of the G7 in coordination with the European Union. However, there have been disagreements regarding the ceiling on the price of oil above which it will be prohibited to insure its transport by EU-flagged vessels.

The member states discussed the issue on the level of permanent representatives (COREPER) on Wednesday, as well as in bilateral meetings on Thursday. The measure is due to take effect on December 5th.

According to multiple sources, the main disagreements come from the Baltic states and Poland who consider the proposed cap (between 65 and 70 dollars) to be too high, thus leaving a significant margin of profit for Russia.

International press, such as Reuters, recall that Cyprus, Greece and Malta, countries with an important maritime sector, have said that the cap is too low and are calling for compensatory measures or a longer period of adjustment.

EU sources told CNA that the concerns of the three countries were also raised at the start of the discussion and include the need for clarity on how the risk of non-compliance will be avoided, as well as which compensatory measures will be put in place in relation to the deletion of ships from their registers after the implementation of the package.

The legal framework for imposing a cap on Russian oil that can be transported to third countries with EU-flagged vessels was adopted by the Council of the EU in early October as a part of the eighth package of sanctions against Russia.

Source: CNA

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