Several diplomats and officials informed Euronews that the European Commission is asking its G7 allies for their thoughts on the price cap on Russian oil before suggesting a new round of penalties against Moscow. It was planned for Friday to be a presentation to ambassadors, but it has been provisionally pushed to early next week.
One proposal under consideration for the new package is a complete prohibition on maritime services. Finland and Sweden have officially supported the plan, which would stop EU companies from offering any services, such shipping, insurance, or access to ports, to ships carrying Russian crude oil or processed petroleum products.
The EU has allowed these services to continue to date, but only for tankers that comply with the G7 price cap, which has been in effect since December 2022. The EU, the UK, Canada, and Japan all follow the dynamic price cap. The US, on the other hand, keeps the initial price of $60 per barrel.
If the EU proceeds with the blanket ban on maritime services requested by Finland and Sweden, the cap would no longer apply in EU territory, as companies would not be able to service any Russian vessels, regardless of whether they sell above or below the price limit.
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