EU seeks G7 coordination on maritime services ban on Russian seaborne oil

A maritime ban would end export of Russian oil using Western tankers. Read more at straitstimes.com.

BISHKEK, Kyrgyzstan – The European Union (EU) needs to coordinate its plan to impose a full maritime services ban on Russia’s seaborne crude oil exports with other Group of Seven (G7) countries before pushing ahead with the measure, the EU’s sanctions envoy David O’Sullivan said on Feb 26.

The European Commission proposed a sweeping ban on any services that support Russia’s seaborne crude oil exports on Feb 6, going far beyond previous piecemeal EU sanctions in its effort to stunt Moscow’s key source of income for its war on Ukraine.

“I think the European Union has made clear that for the moment we are applying the oil price cap, which has just recently been reduced to US$44 (S$55.60) a barrel.

Russia’s revenue from oil and gas is down dramatically in recent months, and we will continue that policy,” Mr O’Sullivan told a news conference in Bishkek, Kyrgyzstan, a country in Central Asia.

He said the EU is in favour of a maritime services ban, but needs to coordinate with G7 colleagues before a decision is taken and talks will be held in the coming days and weeks.

Among G7 countries, the EU is most concerned about US support for the measure, diplomats have said.