EU Shelves Full Russian Tanker Services Ban as 15% Oil-Cap Revision Looms

2 articles · Updated · Euronews · Jun 4

Brussels officials now see almost no chance of activating the full maritime-services ban approved in April, leaving the measure on hold indefinitely despite public backing from the Commission, Baltics and Nordics.
High oil prices and Strait of Hormuz disruption have changed the sanctions calculus, while G7 partners have shown little appetite to join; the US has already issued three waivers on Russian oil.
Greece and Malta remain key internal obstacles, arguing an EU-only ban would hurt their shipping interests, open loopholes, strengthen Russia's shadow fleet and shift business to Chinese and Indian rivals.
Attention is shifting to the existing Russian oil price cap, which under EU rules must stay 15% below average market prices; after Urals crude rose, diplomats expect the 15 July revision to move higher, not lower.
That leaves the mid-June G7 meeting in Evian as the next test of allied coordination, even as the EU prepares a fresh sanctions package and tries to avoid easing pressure on Moscow.