EU eyes tougher Russian oil restrictions despite G7 hesitation

The European Union may move forward with a full maritime services ban on Russia oil tankers even without backing from the G7, EU economy chief Valdis Dombrovskis said, appearing to challenge earlier suggestions that the measure would only proceed in coordination with Western allies, Euractiv reports.

“The higher alignment we can achieve, including at the G7 level, the better,” Dombrovskis told reporters following an EU finance ministers’ meeting in Brussels. “But we will not shy away also to take steps at the EU level, should the broader agreement not be forthcoming.” He added that G7 support — a group of major advanced economies including the US, Japan, the UK, and Canada — is “not an absolute precondition” for the ban.

The maritime services restriction aims to curtail Moscow’s ability to ship crude oil and, ultimately, to limit its capacity to finance its war against Ukraine. It forms the centerpiece of Brussels’ 20th sanctions package on Russia, which the EU is seeking to finalise ahead of the fourth anniversary of Moscow’s full-scale invasion on February 24.

At the EU level, the proposed ban faces resistance from Malta and Greece, whose economies rely heavily on global shipping. Both countries have insisted that the measure should only take effect if the G7, particularly the US, provides backing. Diplomats warn that bypassing G7 support could benefit Chinese and Indian shipping industries, potentially making it easier for Russia’s “shadow fleet” to circumvent the existing oil price cap.

Dombrovskis’ remarks surprised some EU diplomats. “Perhaps someone should ask him whether he supports the Commission’s proposal,” one joked. European Commission President Ursula von der Leyen had earlier indicated that the ban would only be implemented with G7 support.

Sweden, which along with Finland originally championed the maritime ban, echoed Dombrovskis’ stance. “It’s always good if we have as many as possible,” Swedish Finance Minister Elisabeth Svantesson said ahead of February 24 meeting. “But it is better that some do the right thing than no one does,” she added.

The broader sanctions package, which also includes import bans, export restrictions, and additional listings of Russian banks and the shadow fleet, is set to be debated by EU ambassadors in Brussels on February 18, and potentially February 20 if no agreement is reached. Cyprus, which currently holds the rotating EU presidency, is aiming to have foreign ministers approve the package at a Brussels meeting on February 23, ahead of the invasion’s fourth anniversary.

By Vafa Guliyeva