Brussels has opted to cancel plans to prohibit EU member-owned ships from moving Russian crude oil to third-party countries, documents seen by Bloomberg showed. However, a ban on insuring Russian tankers is reportedly still being reviewed. If passed, this could represent an effective barrier to exports of oil from the sanction-hit country.
The ban on transporting Russian crude, which was proposed as part of the EU’s sixth package of sanctions over Moscow’s military operation in Ukraine, was reportedly opposed by Greece, whose economy heavily relies on shipping, people familiar with the matter told the media.