European Union Postpones Full Ban on Maritime Services for Russian Oil Amid Opposition
The European Union has announced its 20th round of sanctions targeting Russia, focusing heavily on the Russian energy sector. However, a complete ban on shipping services for Russian oil exports was notably absent from the sanctions list. This decision came after Greece and Malta, both with significant shipping interests in the Russian energy trade, opposed the ban. Their opposition was enough to block the proposal, as EU sanctions require unanimous approval. The final text of the sanctions includes the ban but postpones its implementation indefinitely. Currently, EU shipping services are allowed for Russian crude oil exports if the crude is sold below a specified price limit, a system known as the 'price cap' adopted by the G7. Despite calls from Sweden and Finland to replace this policy with a blanket ban, the proposal was not enacted. 
