Thread by @ArturRehi

Bloomberg reported, citing sources, that Greece and Malta have become the main obstacles to an EU proposal to replace the price cap on Russian oil with a ban on services necessary for transporting fuel. According to the agency’s interlocutors, the two southern European
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countries raised concerns about this step at a meeting of EU ambassadors on Monday, where the latest sanctions package against Russia was presented. They warned that such a shift could affect Europe’s shipping industry and energy prices. Both countries also requested

clarifications regarding proposals to impose sanctions on foreign ports handling Russian oil and to strengthen oversight of ship sellers in order to reduce the number of vessels entering Moscow’s fleet. A representative of the Greek government declined to comment.

Nestor Laiviera, Malta’s representative in Brussels, said the country is “engaging in technical discussions to ensure the final outcome is workable.” Last week, the European Commission proposed replacing the existing price cap on Russian oil with a ban on services required for

its transportation. This proposal is a central element of the EU’s 20th sanctions package over Russia’s full-scale invasion of Ukraine. EU sanctions require the support of all member states for approval and may change before adoption, with the bloc aiming to finalize the package

by the end of February. Malta and Greece play key but different roles in the functioning of the so-called shadow fleet used to export Russian oil in circumvention of sanctions. Malta is one of the world’s largest ship registries and a classic flag-of-convenience jurisdiction.

Registration under the Maltese flag attracts the shadow fleet due to anonymity of ownership structures, the absence of crew nationality requirements, tax advantages, and high operational flexibility. The formal flag of an EU member state can temporarily reduce regulatory scrutiny

and facilitate access to European maritime infrastructure. According to the European Parliament, up to 8% of the global shadow fleet may sail under the Maltese flag, although Malta has recently claimed it is tightening controls and threatening to revoke registrations. Greece,

by contrast, is less a flag of convenience than a key owner and supplier of tanker tonnage. Greek shipowners continue to legally transport a significant share of Russian oil, up to 35% of exports in early 2026. At the same time, Greece has become the main source of aging tankers

for the shadow fleet, as decommissioned vessels are sold to anonymous buyers and then disappear under Panamanian or Liberian flags. Athens actively lobbies within the EU to soften sanctions, fearing damage to its shipping industry, while Greek waters are frequently used for

ship-to-ship transfers to conceal the origin of Russian oil. As a result, Greece and Malta remain among the main brakes on the introduction of a full ban on maritime services for Russian oil under new EU sanctions packages.