The European Union is currently in the midst of negotiations to impose new economic sanctions on Russia, but its Commissioner for the Economy, Valdis Dombrovskis, has stated that if the G7 partners are unable to reach an agreement, the EU will not “shy away” from banning all maritime services for Russian oil tankers.
On 24 February, the full-scale invasion of Ukraine will mark its sad fourth anniversary. Brussels hopes that the 20th package of sanctions will be adopted by then. Because no EU company could service Russian tankers regardless of the price of their Urals crude, the G7-imposed price cap on Russian oil that has been in place since December 2022 would be null and void under EU law if the planned prohibition on maritime services were to pass.
After a meeting of finance ministers in Brussels on Tuesday afternoon, Dombrovskis stated, “We have been presenting the outline of the measures to our G7 partners because obviously it’s best if we take steps in a coordinated manner.”It is not, strictly speaking, required. Achieving a higher level of alignment, even at the G7 level, would be beneficial, he continued. “We will not shy away also to take steps at the EU level should the broader agreement not be forthcoming.
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